A Perfectly Competitive Market Allocates Resources Efficiently When All Social

question 59

True/False

A perfectly competitive market allocates resources efficiently when all social costs and benefits are internalized by those engaged in the market in the form of marginal private benefit and marginal private cost.

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Definitions:

Neuralgia

A medical condition characterized by severe pain along the distribution of a nerve.

Amyotrophic Lateral Sclerosis

A condition characterized by the gradual degeneration of neurons in the brain and spinal cord, resulting in weakening and shrinkage of muscles.

Epilepsy

A neurological condition characterized by recurrent seizures, caused by abnormal electrical activity in the brain.

Guillain-Barré Syndrome

A rare neurological disorder in which the body's immune system mistakenly attacks part of its peripheral nervous system.