Examlex
Which of the following is NOT correct for a perfectly competitive firm in long-run equilibrium?
Supply Curve
A graphical representation showing the relationship between the price of a product and the quantity of the product that suppliers are willing to sell.
Total Surplus
The sum of consumer surplus and producer surplus, representing the total benefit to society from the production and trade of goods and services.
Consumer Surplus
The difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay; a measure of consumer benefit.
Producer Surplus
The difference between the amount a producer is actually paid for a good compared to the minimum amount they would accept for the good.
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