Efficiency can be both ____ and static. Static efficiency occurs at a point in ____. Productive and allocative efficiency are measures of ____ efficiency. Dynamic efficiency refers to changes in static efficiency over time. Productive efficiency for a firm occurs when production takes place at the lowest point on the ____ curve. For a firm to be productively efficient it must be ____ efficient (produce most outputs for given inputs) and then paying the lowest possible cost. X-inefficiency is a special type of productive efficiency when a firm is not producing at the lowest possible cost for a given level of output. It is operating inside its ATC curve boundary in other words. X-inefficiency occurs because of organisational slack and/or strong stakeholders. An example would be ____ demanding a higher wage. Allocative efficiency measures whether resources are allocated to the goods and services consumers most ____. There is allocative efficiency when ____. For an economy ____ efficiency occurs at all points on its PPF curve. In contrast there is only one point on the boundary that is ____ efficient. Dynamic efficiency occurs when resources are allocated ____ over time. Investment is likely to be a key factor in dynamic efficiency. Dynamic ____ can occur if firms under-invest for example. Markets may also be dynamically inefficient if resources are used ____. On a PPF diagram dynamic efficiency is illustrated by the movement outwards of the curve. In Economics, competition is generally seen as more ____ than monopoly. This is because firms compete on price and ____ factors (such as design, quality, after-sales service etc) meaning ____ outcomes for consumers. Perfect competition, ____ and oligopoly are the market structures where there is at least some competition. Firms in perfect competition are statically efficient in the ____ but may be less dynamically efficient than monopolists.

3.4.1 Efficiency

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