Some Economists Argue That Competitive Price-Searcher Markets Are Inefficient Because

question 53

Multiple Choice

Some economists argue that competitive price-searcher markets are inefficient because

• A) the firms earn economic profits in the long run.
• B) the firms' marginal costs and marginal revenues are not always equal.
• C) firms do not produce the output rate that would minimize their average total costs.
• D) barriers to entry are high.

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Definitions:

Barley Seeds

The grain or seeds of the barley plant, used for food, animal feed, and as a raw material in the production of alcohol.

Plant Hormone

Naturally occurring organic substances that regulate growth, development, and responses to environmental stresses in plants.

Seed Dormancy

A survival strategy in seeds to delay germination until conditions are favorable for survival and growth of the seedling.

Plant Hormone

Compounds generated by plants, essential for controlling growth, maturation, and assorted physiological activities.