Which of the Following Would Not Be Expected to Occur

question 94

Multiple Choice

Which of the following would not be expected to occur in a purely competitive market in long-run equilibrium?

• A)Consumer and producer surplus will be minimized.
• B)P = MC = lowest ATC.
• C)The maximum willingness to pay for the last unit equals the minimum acceptable price for that unit.
• D)We would expect all of these to occur in the long run in a purely competitive market.

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Definitions:

Atomic Sentences

Simplest statements in logic that express a complete thought or claim without any logical connectives, capable of being true or false.

Truth Values

The attribute of a statement that denotes its correspondence with fact or reality, usually as true or false.

Truth Table

A table used in logic to determine the truth values of logical expressions based on all the possible combinations of their constituents.

Atomic Sentences

Statements in logic that cannot be broken down into simpler components and assert a single fact.