In which of the following market situations is a firm most likely to achieve both productive and allocative efficiency simultaneously?
A perfectly competitive firm in its long-run equilibrium
A monopolistically competitive firm in its long-run equilibrium
A natural monopoly regulated under average-cost pricing
A profit-maximising pure monopoly
6 exam-style questions on OCR A Level Economics Perfect competition. Each one has a worked solution and a mark scheme showing where the marks go.