Fill in the blanks to make the following statements correct.
a. If the marginal cost of producing the last unit of a product is the same for all firms in an industry, we can say that the industry is _______ efficient, but we do not know enough to say that the industry is _______ efficient.
b. If the marginal cost of some product is $12, and the market price of that product is $15, then to achieve allocative efficiency, the economy should produce _______ of this product and therefore _______ of other products.
c. The market structure that leads to both productive and allocative efficiency is _______.
d. A monopolistic industry may be productively efficient but will not be allocatively efficient because _______.
e. The sum of consumer surplus and producer surplus is _______ at the competitive equilibrium.
f. At the monopolist's profit-maximizing output there is _______ total surplus than at the competitive output. Some surplus is transferred from _______ to _______. The surplus lost because the output is not produced is called _______.