Multiple Choice
Which of the following outcomes is consistent with a purely competitive market in long-run equilibrium?
A) Combined consumer and producer surplus will be maximized.
B) P = MC = lowest AVC.
C) The minimum willingness to pay equals the maximum acceptable price.
D) We would expect all of these to occur in the long run in a purely competitive market.
Correct Answer:

Verified
Correct Answer:
Verified
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