Consider the Following Statements When Answering This Question: I

question 55

Multiple Choice

Consider the following statements when answering this question: I. In the long-run equilibrium of a perfectly competitive market, a firm's producer surplus equals the sum of the economic rents earned on its inputs to production.
II) In the long-run equilibrium of a perfectly competitive market, the amount of economic profit earned can differ across firms, but not the amount of producer surplus.

• A) I and II are true.
• B) I is true, and II is false.
• C) I is false, and II is true.
• D) I and II are false.

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Definitions:

Pollinators

Animals that facilitate the transfer of pollen from the male structures of flowers to the female structures, enabling plants to reproduce.

Filament

A slender threadlike object or fiber, especially one found in plants or fungi or as part of the structure of a stamen in a flower.

Stamen

The male part of a flower; consists of a filament and anther.

Stigma

The part of a flower's pistil that receives pollen during pollination or a mark of disgrace associated with a particular circumstance, quality, or person.