perfect competition unlearn

Question 1

A firm in perfect competition achieves static efficiency. And, that’s because it’s able to reach…

Answer 1

You needed to say the following: Productive.
You also needed to say the following: Allocative

Question 2

In a perfectly competitive market, consumers also enjoy ????? prices, high quality ????? and lots of ???? .

Answer 2

In a perfectly competitive market, consumers also enjoy lower prices, high quality goods and lots of choice .

Question 3

In the long run, firms in perfect competition are allocatively efficient, because they produce at the point at which ???? is equal to price. They are also productively efficient, which means that they produce at the bottom of the ???????curve.

Answer 3

MC
AC

Question 4

Consumers may also lose out over the ????? of goods. As firms compete over price, some may cut corners to lower their ????? of production.

Answer 4

Consumers may also lose out over the quality of goods. As firms compete over price, some may cut corners to lower their cost of production.