In a Long-Run Equilibrium, Both Perfectly Competitive Markets and Monopolistically

question 215

True/False

In a long-run equilibrium, both perfectly competitive markets and monopolistically competitive markets have price equal to average total cost.

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Definitions:

Deviant Lifestyle

A way of living that deviates from the societal norms and is often viewed negatively by the mainstream society.

Cultural-Transmission Theory

A concept in sociology that suggests culture and societal norms are learned and passed down from one generation to the next through socialization.

Appeal to Higher Loyalties

Appeal to higher loyalties is a term used in sociology to describe a situation where an individual justifies breaking societal norms or laws by claiming allegiance to a more significant cause or authority.

Condemning Judgments

Harsh criticisms or assessments that express strong disapproval of someone or something.