Question: Compare and contrast allocative efficiency with productive efficiency, and analyze whether the current food system is efficient from a societal standpoint. Specifically, in the market

Compare and contrast allocative efficiency with productive efficiency, and analyze whether the current food system is efficient from a societal standpoint. Specifically, in the market for factory

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farmed products, compare the existing equilibrium with a socially optimal equilibrium. What would be the socially optimal levels of demand and supply? Please provide a graphical representation using a demand and supply graph to support your answer.

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