Perfectly competitive markets are productively efficient because goods and services are produced at their lowest

Name: Perfectly competitive markets are productively efficient because goods and services are produced at their lowest
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Question

Quizplus · Accepted Answer

In perfectly competitive markets, goods and services are produced at their lowest opportunity cost, which means resources are allocated in the most efficient way possible, minimizing wasted resources and maximizing output. This is a key aspect of productive efficiency.

Perfectly Competitive Markets Are Productively Efficient Because Goods and Services