Question: Directions: Read and answer the questions below. Write your answer in the box. 1. Productive efficiency and allocation efficiency are two concepts achieved in the

the box. 1. Productive efficiency and allocation efficiency are two concepts achieved

Directions: Read and answer the questions below. Write your answer in the box. 1. Productive efficiency and allocation efficiency are two concepts achieved in the long run in a perfectly competitive market. In fact, these two types of efficiency are the reason we call it a perfectly competitive market. How would you use the concepts of productive efficiency and allocation efficiency to analyze other market structures? 2. Explain how the profit-maximizing rule of P=MC leads a perfectly competitive market to be allocationly efficient. ON OFFASIG DIVISION SAG NG ID

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