Under Pure Competition, in the Long Run

question 9

Multiple Choice

Under pure competition, in the long run

• A)neither allocative efficiency nor productive efficiency is achieved.
• B)both allocative efficiency and productive efficiency are achieved.
• C)productive efficiency is achieved, but allocative efficiency is not.
• D)allocative efficiency is achieved, but productive efficiency is not.

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Definitions:

Choice-Of-Law

A contractual clause that specifies which jurisdiction's laws will govern in the interpretation and dispute resolution of a contract.

Forum-Selection

A clause in a contract that designates the specific court, jurisdiction, or venue where disputes arising under the contract will be resolved.

Choice-Of-Language

A contractual provision specifying the language to be used in interpreting the terms of the contract.

Standard Of Care

The degree of attention, caution, and prudence that a reasonable person should exercise in a particular situation.