CourseCourseConceptConceptDocsDocuments

Edexcel A-Level Economics A2 3.3.3 4d Productive and Allocative Efficiency in the Short Run and Long Run Questions

Practise identifying the long-run monopolistically competitive outcome of normal profit with allocative inefficiency from contextual multiple-choice tables.

Syllabus
First assessment 2019
Course
Economics YEC11
Level
A2

Exam points

  • identify long-run monopolistic competition as normal profit combined with allocative inefficiency

Edexcel A-Level Economics A2 3.3.3 4d Productive and Allocative Efficiency in the Short Run and Long Run Questions question 1

[Maximum number: 1]

A farm producing wheat is operating in a monopolistically competitive market. Which one of the following will apply to this firm?

A

Allocative inefficiency in the long-run

B

Productive efficiency in the short-run

C

Supernormal profit in the long-run

D

Allocative efficiency in the short-run

All question bank results loaded