question 23\nallocative efficiency and productive efficiency are both achieved in long - run equilibrium…

question 23\nallocative efficiency and productive efficiency are both achieved in long - run equilibrium for\na) perfectly competitive markets\nb) monopolistically competitive markets\nc) oligopolistic markets\nd) monopolistic markets\ne) monopsonistic markets

question 23\nallocative efficiency and productive efficiency are both achieved in long - run equilibrium for\na) perfectly competitive markets\nb) monopolistically competitive markets\nc) oligopolistic markets\nd) monopolistic markets\ne) monopsonistic markets

Answer

Brief Explanations:

In perfectly - competitive markets, in the long - run equilibrium, firms produce at the minimum of the average total cost (productive efficiency) and price equals marginal cost (allocative efficiency). Monopolistically competitive, oligopolistic, monopolistic, and monopsonistic markets do not achieve both types of efficiency in the long - run equilibrium due to factors like product differentiation, market power, and barriers to entry.

Answer:

A. perfectly competitive markets