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Economists worry quite a bit about efficiency in market type

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Economists worry quite a bit about efficiency in market types.

a. How does an economist define allocative efficiency? What types of markets exhibit allocative efficiency?

b. How does an economist define economic or productive efficiency? What types of markets exhibit productive efficiency?

c. Provide a graph of a monopolistically competitive firm and identify the excess capacity on the graph.

Reference no: EM132511489

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