The efficient outcome in a market is defined as a situation where the marginal cost is the same as the marginal benefit On the other hand Fair outcomes are the result of a fair process.
The efficient outcome in the market is defined as the situation where the marginal cost equals the marginal benefit. Marginal cost is the cost that producers pay for additional unit output, and marginal benefit is the customer-side aspect that determines how willing customers are to pay for the additional unit.
When there is a balance between customer needs and producer needs, the market is said to be efficient because both are satisfied and no one has to face the consequences of high prices. An efficient market is one where firms and customers get the best return on their production and remuneration.
When comparing the effects of perfect competition (PC) with monopoly, perfect competition (PC) is more effective than monopoly. As in a monopoly, there are no existing competitors and players in the market that form a barrier for new entrants.
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