What two conditions must hold for a competitive market to produce efficient outcomes?.

Question

13-09-2022
Business

contestada

What two conditions must hold for a competitive market to produce efficient outcomes?.

Respuesta :

Otras preguntas

Of the 1,640 students enrolled at a school, 50% come to school by bus, 35% come by car, and the rest of the students walk to school . How many students walk to

Select the correct product. (j + 7)(k - 5)

Which expression is equivalent to sec2xcot2x?

What is the total amount that Matthew's bank will receive after lending him $8,000 for four years at an interest rate of 6 percent, compounded annually?

A benefit concert with three performers lasts 8 hours. At this rate, how many hours is a concert with four performers?

A plane is an undefined term because it

what is the purpose of agoa

Evaluate [3(5 + 6) + 2] ÷ 7

CAN BE MULTIPLE ANSWERS!!!!!!! What does this excerpt from act 1 of Romeo and Juliet reveal about the Montague-Capulet feud? ABRAHAM: Do you bite your thumb at

Two students start a club the first week of school. Each member invites three new members the second week of school. Each of these new members then invites thre

devikabalrajan devikabalrajan · Answer 1 · 2022-09-19T09:41:13+02:00

The two conditions must hold for a competitive market to produce efficient outcomes are

Supply curves must reflect cost of production

Demand curves should reflect consumer's full willingness to pay.

How does a competitive market produce efficient outcomes?

Long-run equilibrium in competitive markets essentially meet two important conditions.They are as follows:

Allocative efficiency
Productive efficiency.

These two important conditions have some important implications.

Resources are usually allocated for the best alternative use.
They provide maximum satisfaction which is attainable by the society.

Productive efficiency refers to producing without any waste so the choice is on production possibility frontier.

Allocative efficiency refers to the points on production possibility frontier, these points which are chosen are socially preferred in a specific sense.

To learn more about efficiency, refer

https://brainly.com/question/14307185

#SPJ4