A Competitive Price-Taker Market in Long-Run Equilibrium Is Described as Efficient

question 243

Multiple Choice

A competitive price-taker market in long-run equilibrium is described as efficient because firms

• A) produce at the low point on their average cost curve.
• B) produce where marginal cost yields a profit.
• C) earn no more than the cost of capital.
• D) are not profitable.

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Definitions:

Loneliness

A feeling of sadness or distress about being by oneself or feeling disconnected from others, regardless of the actual level of social contact.

Intimacy Versus Isolation

A psychosocial stage described by Erik Erikson where adults face the challenge of forming close relationships with others versus feeling isolated and alone.

Developmental Stage

A period in a person's life characterized by specific physical, psychological, or emotional growth and development milestones.

Autonomy Versus Doubt

A stage in Erik Erikson's psychosocial development theory focusing on children's development of personal control and independence.