What are some characteristics of perfect competition?  Is the Banana market a perfect competition?  When you are buying bananas, what is your decision making process?   Do you have any favorite brand of banana?  How can companies in the market compete?  Please name some other examples of perfect competition?

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Productive and Allocative Efficiency Analysis

Productive efficiency, also referred to as production efficiency is a term in economics describing the level at which a company is operating at its maximum capacity. Beyond this point, the entity will be unable to manufacture any additional goods without cutting down another product’s production level. This occurrence is an outcome of production happening alongside a Production Possibility Frontier (PPF).