If a Market Is Perfectly Competitive and Is in Long-Run

question 29

Multiple Choice

If a market is perfectly competitive and is in long-run equilibrium,which of the following conditions does not hold?

• A)Price is equal to the minimum long-run average cost of production.
• B)Economic profit equals zero.
• C)The value of the last unit of output produced is equal to the value of the resources used to produce it.
• D)There is an incentive for additional firms to enter the market because existing firms are earning revenues in excess of the explicit costs of production.

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A term referring to the diverse set of spiritual beliefs and practices of Native American peoples emphasizing harmony with nature, ancestor reverence, and community rituals.

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Spiritual and cultural views deeply rooted in the traditions, folklore, and practices of indigenous peoples, reflecting their relationship with nature and the cosmos.

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Individuals or groups who advocate for the racial supremacy of white people and seek to maintain what they see as the cultural and genetic purity of the white race, often associated with extremist ideologies.