In the Long Run, Provided That There Are No External

question 207

Multiple Choice

In the long run, provided that there are no external benefits or costs, perfect competition will result in an efficient allocation of resources because:

• A) P > MR.
• B) P = MC.
• C) P = MR
• D) economic profits are greater than zero.

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Definitions:

High On Control

Describes individuals or situations where there is a significant emphasis on maintaining control or authority.

Low On Warmth

describes a person or environment that lacks friendliness, affection, or enthusiasm.

Less Intense

Describing something that is not as strong, severe, or extreme in its nature or degree.

More Egalitarian

Pertaining to principles of equality, where people enjoy equal rights and opportunities without discrimination.