In the Long-Run Equilibrium in Perfect Competition

question 19

Multiple Choice

In the long-run equilibrium in perfect competition,

• A) producer surplus is positive.
• B) producer surplus is negative.
• C) producer surplus is greater than consumer surplus.
• D) producer surplus is less than consumer surplus.

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Definitions:

Prefrontal Cortex

The front part of the frontal lobes of the brain, implicated in complex cognitive behavior, personality expression, decision making, and moderating social behavior.

Limbic System

A complex system of nerves and networks in the brain, involving several areas near the edge of the cortex concerned with instinct and mood. It controls basic emotions (such as fear and pleasure) and drives (such as those for food and sex).

Basal Ganglia

The basal ganglia are a group of nuclei in the brain involved in controlling movement and coordination, as well as aspects of learning and emotional response.

Temporal Lobe

An area in the cerebral cortex tasked with analyzing sounds and storing memories.