Introduction GapFill

Pareto  knowledgeefficiency needresourcefulness is achieved when it is   impossiblerationalnormalpossible to make one party better off without making the other worse off. Economists talk of different types of efficiency. A firm is said to be   dynamicallyproductivelyallocativelytechnically efficient when it is producing at the lowest point on the   marginalaverage fixedlong-run averageshort-run average cost curve. When a firm doesn’t have an incentive to cut its costs it may become   technicallyproductivelyXallocatively inefficient. A market structure that is characterised with many buyers and sellers selling   differentiated unique homogeneous similar products while having perfect flow of information is called  contestable market perfect competition monopolistic competition monopoly . Under monopolistic competition, firms face  an upward a horizontal a vertical a downward sloping demand curve that is  elastic unitary perfectly elastic inelastic . Their products are   identicaluniquedifferentiated homogeneous from those of competitors.