asked 35.7k views
0 votes
Why are suppliers in purely competitive markets efficient

asked
User Andy Taw
by
7.5k points

1 Answer

4 votes

Answer: because it forces firms to achieve maximum efficiency (productive and allocative efficiency). Requires that goods be produced in the least costly way. Firms are forced to produce at the minimum average total cost in the long run.

Step-by-step explanation:

answered
User Priyak Dey
by
8.0k points

Related questions

1 answer
5 votes
204k views
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.