In Long-Run Equilibrium, Purely Competitive Markets

question 66

Multiple Choice

In long-run equilibrium, purely competitive markets

• A)minimize total cost.
• B)maximize the sum of consumer surplus and producer surplus.
• C)yield economic profits to most sellers.
• D)inevitably degenerate into monopoly in increasing-cost industries.

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Definitions:

Canadian Society

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Sensate Culture

A societal framework that prioritizes sensory experience and pleasure over intellectual or spiritual considerations.

Sorokin

Pitirim Sorokin was a Russian-American sociologist known for his contributions to social cycles theory and for founding the sociology department at Harvard University.

Cyclical Theory

A theory that suggests historical events and stages of society repeat themselves in cycles due to underlying patterns or forces.