Answered step by step
Verified Expert Solution
Question
1 Approved Answer
What are assumptions lead to the following outcomes in perfect competition. State the assumptions clearly in your answer. No ambiguity. a) Allocative efficiency (price =
What are assumptions lead to the following outcomes in perfect competition. State the assumptions clearly in your answer. No ambiguity.
a) Allocative efficiency (price = marginal cost)
b) Zero profits in the long-run
c) Technical Efficiency
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started