In the model of perfectly competitive markets, the market outcome is allocatively efficient because Question 4 options: all firms are price takers all firms break even in the long run the sum of consumer and producer surplus is maximized economic profits are maximized average total cost is minimized for each firm
In the model of perfectly competitive markets, the market outcome is allocatively efficient because Question 4 options: all firms are price takers all firms break even in the long run the sum of consumer and producer surplus is maximized economic profits are maximized average total cost is minimized for each firm
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter25: The Supply Of And Demand For Productive Resources
Section: Chapter Questions
Problem 8CQ
Related questions
Question
In the model of perfectly competitive markets, the market outcome is allocatively efficient because
Question 4 options:
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all firms are
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all firms break even in the long run
|
|
the sum of
|
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economic profits are maximized
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|
|
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