It means that a market economy will fail to secure economic efficiency

It means that a market economy will fail to secure Pareto-efficiency

It means that a market economy will fail to secure productive efficiency

It means that a market economy will fail to secure technical efficiency

The firm must be producing its output at the lowest possible cost

The firm must be technically efficient.

The firm must use its resources in a way which means that its MPK/MPL equals PK/PL

All firms which use the same types of capital and labour must face the same prices for them

Both X and Y

X only

Y only

Neither X nor Y

Both X and Y

X only

Y only

Neither X nor Y

A rise in total consumer plus producer surplus

A rise in producer surplus

A deadweight loss

A fall in consumer surplus