Which of the Following Outcomes Is Consistent with a Purely

question 245

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:

Asymmetric Carbons

A carbon atom bonded to four different atoms or groups of atoms, making it a stereocenter or chiral center.

3-ethyl-2,2,4-trimethylpentane

A specific branched alkane with the molecular formula C8H18, used as an example in discussions of organic chemical nomenclature.

Cahn-Ingold-Prelog

A set of rules for the naming of chiral molecules and the assignment of priority to substituents.

Priority System

A system used in organic chemistry to rank substituents attached to a chiral center or double bond, determining the configuration or direction of a chemical bond.