Multiple Choice
In long-run equilibrium, purely competitive markets
A) minimize total cost.
B) maximize the sum of consumer surplus and producer surplus.
C) yield economic profits to most sellers.
D) inevitably degenerate into monopoly in increasing-cost industries.
Correct Answer:
Verified
Correct Answer:
Verified
Q65: In long-run equilibrium, a competitive firm produces
Q134: An industry that has increasing returns to
Q135: Resources are efficiently allocated when production occurs
Q136: The representative firm in a purely competitive
Q137: Allocative efficiency occurs when the<br>A) minimum of
Q138: The long-run supply curve under pure competition
Q140: Assume that the market for soybeans is
Q142: Which of the following statements is correct?<br>A)
Q143: Which is true of a purely competitive
Q144: Allocative efficiency is achieved by equalizing consumer