Which of the Following Outcomes Is Consistent with a Purely

question 69

Multiple Choice

Which of the following outcomes is consistent with a purely competitive market in long-run equilibrium?

• A)Combined consumer and producer surplus will be maximized.
• B)P = MC = lowest AVC.
• C)The minimum willingness to pay equals the maximum acceptable price.
• D)We would expect all of these to occur in the long run in a purely competitive market.

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Definitions:

Benevolence

The quality of being well-meaning; kindness.

Security

Denotes measures and protocols implemented to protect against theft, attack, or other threats to safety and stability.

Caudate Nucleus

A brain structure within the basal ganglia involved in various functions including learning, memory, and regulating voluntary movement.

Ventral Tegmental Area

A part of the brain involved in the reward circuitry and the release of dopamine, significant in motivation, pleasure, and addiction.