\"Fill in the blank. Allocative efficiency for pure competition: ________ (P=MC,

Question

"Fill in the blank.

Allocative efficiency for pure competition: ________ (P=MC, P>MC, or P<MC) and is __________ (efficient or inefficient)
Productive efficiency for pure competition: ________ (P=MC, P>MC, or P<MC) and is __________ (efficient or inefficient)
Allocative efficiency for monopolistic competition: ________ (P=MC, P>MC, or P<MC) and is __________ (efficient or inefficient)
Productive efficiency for monopolistic competition: ________ (P=MC, P>MC, or P<MC) and is __________ (efficient or inefficient)"

Explanation / Answer

Allocative efficiency for pure competition: P=MC, and is efficient

Productive efficiency for pure competition: P=MC, and is efficient

Allocative efficiency for monopolistic competition: P>MC, and is efficient

Productive efficiency for monopolistic competition: P>MC, and is efficient

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