In which one of the following market models is X-inefficiency most likely to be the greatest?

For a competitive buyer, the marginal expenditure per unit of an input

A) exceeds the average expenditure per unit. B) is less than the average expenditure per unit. C) equals the average expenditure per unit. D) any of the above could be true.

Define the following terms and explain why they are important in the study of economics

a. efficient allocation b. laissez faire c. peak pricing d. input-output analysis e. coordination tasks