Explain why imperfect competition leads to inefficient outcomes. Briefly describe each of the following characteristics of efficiency and identify the conditions under which they will occur: a. Full...

Explain why imperfect competition leads to inefficient outcomes. Briefly describe each of the following characteristics of efficiency and identify the conditions under which they will occur: a. Full employment of inputs b. Maximum production within each firm c. Efficient allocation of inputs among firms d. Efficient levels of production and consumption of different goods.