Which of the Following Would Not Be Expected to Occur

question 94

Multiple Choice

Which of the following would not be expected to occur in a purely competitive market in long-run equilibrium?

• A)Consumer and producer surplus will be minimized.
• B)P = MC = lowest ATC.
• C)The maximum willingness to pay for the last unit equals the minimum acceptable price for that unit.
• D)We would expect all of these to occur in the long run in a purely competitive market.

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Definitions:

Agricultural Tribes

Indigenous groups whose economy and culture were heavily centered around farming and cultivation practices.

Sexual Division of Labor

The allocation of work tasks between genders, often based on societal or cultural norms regarding appropriate roles for men and women.

Dual-Sex Principle

The concept that both male and female elements or principles are essential and complementary in the natural world and human cultures.