In the Long-Run Equilibrium in Perfect Competition

question 19

Multiple Choice

In the long-run equilibrium in perfect competition,

• A) producer surplus is positive.
• B) producer surplus is negative.
• C) producer surplus is greater than consumer surplus.
• D) producer surplus is less than consumer surplus.

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Definitions:

Pressure

The force applied perpendicular to the surface of an object per unit area over which that force is distributed.

Warmth

A characteristic of interpersonal communication that indicates kindness, friendliness, and genuine interest in others.

Sensory Quality

Attributes of sensory stimuli, such as visual brightness or auditory pitch, that can be measured and experienced.

Neural Signal

Electric or chemical signals transmitted by neurons for communication throughout the nervous system.