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

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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

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