A Perfectly Competitive Market Results in Efficiency Because

question 35

Multiple Choice

A perfectly competitive market results in efficiency because

• A)Price is driven down to minimum ATC.
• B)Price rises high enough to equal marginal cost.
• C)Zero economic profit is achieved.
• D)MC < P.

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Definitions:

Intellectual Property

Legal rights that protect creations of the mind, such as inventions, literary and artistic works, designs, symbols, names, and images.

Intangible Property

Assets that do not have a physical presence but possess value, such as intellectual property, brand recognition, and copyrights.

Real Property

Refers to immovable property such as land and anything permanently attached to the land, like buildings.

Personal Property

Things of value that you own (such as a car or laptop).