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A Level Economics:

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sir can you tell whether each of the 4 markets are productively and allocatively efficient or inefficient in the short and long run?
 
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Sir please tell me whether wage differential exist in Perfect Competitive mkt or imperfect ???
In perfect market there is perfction in wgaes. Same wage for all having same grade. Supply curve for labour/MCL will be horizontal straight line showing same wage. No differentials. But in imperfect marct there is no perfection. In case of monopoly wages are high and in case of monopsony wages are low. However, this criteria may change with time dependimg upon the cirumstance of each case. So, it is a question of fact.
 
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sir can you tell whether each of the 4 markets are productively and allocatively efficient or inefficient in the short and long run?
Perfect market is economically efficient in short runin case of normal profit where minimum point of AC is tangent to AR curve. In long run it automatically achieved because of onlynormal profit in that time. Other markets are ineficient. However, monopoly can acheive economic efficiency in MC pricing policy. Oligopoly totally inefficient.
 
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Just a few hours later guess questions will be available. But solution to the guess will be available by tom.
 
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Hi Sir,

Will you be posting the guess paper on THIS thread, or will you be emailing it to students? Please keep us updated! Eagerly waiting for the guess paper. Thank you.
 
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Hi Sir,

Will you be posting the guess paper on THIS thread, or will you be emailing it to students? Please keep us updated! Eagerly waiting for the guess paper. Thank you.

He'll post it on here. He said to watch this thread.
 
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