In which of the following market structures do firms produce at an output level that displays both allocative?

Question

Help me out with my microeconomics HW!

In which of the following market structures do firms produce at an output level that displays both allocative and productive efficiency?

. Perfect competition

II. Monopolistic competition

III. Monopoly

IV. Oligopoly

A. II and III

B. III and IV

C. III only

D. I only

E. IV only

F. II only

Thanks!!

Answer 1

D. Perfect competition is the only market structure that displays both over the long run.