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

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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

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