Under Perfect Competition, the Efficient Level of Output Is Produced

question 101

Multiple Choice

Under perfect competition, the efficient level of output is produced because

• A) government regulates the output level that must be produced.
• B) firms earn only a normal profit in the long run.
• C) firms can earn an economic profit in the long run.
• D) price equals marginal cost.

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Definitions:

Cultural Leadership

The process or ability to guide values, beliefs, and practices that shape the cultural aspects of societies, organizations, or groups.

Ruling Class

The social group possessing the dominant power in a societal hierarchy, often controlling resources and institutions.

False Consciousness

A term used in Marxist theory to describe the way in which material, ideological, and institutional processes in capitalist society mislead the proletariat about their own interests.

Class Consciousness

The awareness of one's place in a social class system, especially in terms of shared interests and political identity among members of the same social class.