A Perfectly Competitive Industry Is Said to Be Efficient Because

question 50

Multiple Choice

A perfectly competitive industry is said to be efficient because the:

• A)marginal cost of production of the last unit of output is minimized in the long run.
• B)product is standardized across firms in the industry.
• C)average total cost of production of the industry's output is minimized in the long run.
• D)market price of the good is equal to economic profit for all firms in the industry.

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Definitions:

Cathartic Therapies

Psychological treatments that encourage patients to express their feelings and emotions as a way of reducing stress and improving mental health.

Descriptive Norm

The perception of what is commonly done or typical behavior within a specific context or group of people.

Relational Aggression

A form of aggression in which harm is caused through manipulation or damage to someone's relationships or social status.

Prosocial Behavior

Voluntary actions intended to benefit or help others, such as sharing, comforting, or rescuing, motivated by empathy, moral principles, or social norms.