Question: 4. We discussed three types of efficiency in this class: allocationficiency, tech- nological efficiency, and product mix efficiency. Pick one of these types. (a) Identify

4. We discussed three types of efficiency in this class: allocationficiency, tech- nological efficiency, and product mix efficiency. Pick one of these types. (a) Identify a mathematical condition which guarantees this type of efficiency and explain why it does. Explain how competitive markets guarantee this type of efficiency. Provide an example of a situation we covered in class where the unregulated market equilibrium would not exhibit this type of efficiency. Explain very briefly

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