In the Long-Run Equilibrium in Perfect Competition,consumer Surplus Is

question 91

Multiple Choice

In the long-run equilibrium in perfect competition,consumer surplus is

• A) positive.
• B) negative.
• C) zero.
• D) less than producer surplus.

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Definitions:

Revolutionary Unions

Labor organizations that aim to overthrow the existing social order to establish a new society based on trade union principles.

Means of Production

The facilities, tools, equipment, and raw materials used to produce goods or services, typically owned and operated within economic systems like capitalism or socialism.

Economic System

The structure and methods by which a society organizes and allocates its resources, goods, and services, including systems such as capitalism, socialism, and communism.

Craft Unionism

A form of unionism where workers from a particular trade or craft form an exclusive union to secure better working conditions, wages, and employment standards for their members.