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In the Long Run, Provided That There Are No External

question 207

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In the long run, provided that there are no external benefits or costs, perfect competition will result in an efficient allocation of resources because:


Definitions:

Beetles and Flies

Two distinct orders of insects, Coleoptera (beetles), characterized by their hardened forewings, and Diptera (flies), known for having a single pair of wings.

Dormancy

A period in which a living organism temporarily stops growth and development, typically to survive unfavorable environmental conditions.

Abrasion

The process of scraping or wearing away of the skin or surface material, often due to friction or rubbing.

Salty Soil Conditions

Soil conditions where there is a high concentration of salt, often detrimental to most plants.

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