What do you meant by the term economic efficiency, Microeconomics

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Problem:

i) What do you meant by the term ‘economic efficiency'?

ii) By using appropriate examples differentiate between fixed and variable costs.

iii) Consider different markets explain how a given firm can increase its overall profitability by pure manipulation of its pricing policy?

iv) A perfectly competitive firm is better than a monopolistic firm in terms of economic efficiency. Discuss.

v) Explain the measures governments can use to control monopolies.


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