CourseCourseConceptConceptDocumentDocument

Edexcel A-Level Economics A2 3.3.3 3d Productive and Allocative Efficiency in the Short Run and Long Run Questions

Practise Edexcel IAL Economics 3.3.3.3d by identifying the keyed long-run efficiency and normal-profit outcome in a market-structure table.

Syllabus
First assessment 2019
Course
Economics YEC11
Level
A2

Exam points

  • identify the keyed long-run monopolistic-competition combination as allocative efficiency with normal profit

Edexcel A-Level Economics A2 3.3.3 3d Productive and Allocative Efficiency in the Short Run and Long Run Questions question 1

[Maximum number: 1]

Which one of the following combinations best describes a profit-maximising firm operating in a monopolistically competitive market in the long-run?

Efficiency

Profit

Productively inefficient

Normal profit

Productively efficient

Supernormal profit

Allocatively inefficient

Supernormal profit

Allocatively efficient

Normal profit

All question bank results loaded