The Figure Given Below Shows the Aggregate Demand and Supply

question 66

True/False

The figure given below shows the aggregate demand and supply curves of a perfectly competitive market.Figure 10.7

-In long-run equilibrium in perfect competition, the entry and exit of firms will drive economic profits to zero.

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Definitions:

Humanistic

A psychological perspective that emphasizes the study of the whole person and the uniqueness of each individual.

Democratic

Pertaining to a system of government or organization where power is shared equally among its members, often involving election of leaders and equality among citizens in decision-making processes.

Individualism

A social theory valuing the freedom and independence of the individual, often over the interests or norms of the group.

Collectivism

A cultural value that emphasizes the importance of groups and collective action over individual achievement or desires.