A Perfectly Competitive Firm Is Allocatively Efficient Because Price Is

question 159

True/False

A perfectly competitive firm is allocatively efficient because price is identical to marginal cost at every quantity

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Definitions:

General Adaptation Syndrome

A three-stage response (alarm, resistance, exhaustion) that the body has to stress, as proposed by Hans Selye.

Alarm Reaction

Alarm reaction is the initial stage in the stress response, where the body prepares to fight or flee from a perceived threat.

Respiration

The biological process of moving air in and out of the lungs, facilitating the exchange of oxygen and carbon dioxide between the blood and the environment.

Catecholamines

A class of neurotransmitters that include dopamine, norepinephrine, and epinephrine, which are involved in flight or flight responses, mood regulation, and cognitive alertness.