Efficiency or deadweight losses occur in purely competitive markets when P = MC = lowest ATC.

Name: Efficiency or deadweight losses occur in purely competitive markets when P = MC = lowest ATC.
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Efficiency or deadweight losses typically occur in markets that are not purely competitive, such as those with monopolies or oligopolies, where P ≠ MC. In a purely competitive market where P = MC = lowest ATC, resources are allocated efficiently, and there are no deadweight losses.

Efficiency or Deadweight Losses Occur in Purely Competitive Markets When