An Economy in Which There Are No Market Failures and All

question 88

Multiple Choice

An economy in which there are no market failures and all industries are in a competitive long- run equilibrium is one where 1.allocative efficiency is achieved;
2.the economy is on the production possibilities boundary;
3.there is no incentive for firms to enter or leave industries.

• A)1 and 2
• B)1,2,and 3
• C)2 only
• D)1 and 3
• E)2 and 3

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Definitions:

Debridement

A medical procedure involving the removal of dead, damaged, or infected tissue to promote healing.

Lacerated Tissue

Tissue that has been torn or deeply cut, often seen in wounds that might require surgical repair.

Contaminated Tissue

Biological tissue that has been exposed to pathogens, chemicals, or radioactivity, posing a risk of infection or harm.

Foreign Matter

Unwanted substances or materials found within a product, which can include anything from contaminants to debris.