In Long-Run Perfectly Competitive Equilibrium, Which of the Following Is

question 52

Multiple Choice

In long-run perfectly competitive equilibrium, which of the following is false?

• A)There is efficient, low-cost production at the minimum efficient scale.
• B)Economic surplus is maximized.
• C)Firms earn economic profit.
• D)Economies of scale are exhausted.

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Definitions:

Social Justice

A concept or ideology focusing on the fair and equitable distribution of wealth, opportunities, and privileges within a society.

Equifinality

A principle in systems theory suggesting that a particular end state can be reached from different initial conditions and through various paths.

Ecological Systems Model

A framework used in social and behavioral sciences that depicts how individuals interact with their various environments, from immediate surroundings to broader societal levels.

Diversity and Difference

The range of distinct characteristics, cultures, and experiences among individuals in a group or society.