For a perfectly competitive industry, all of these are true in the long run EXCEPT
A) consumer surplus is maximized.
B) firms earn positive economic profit.
C) the industry achieves productive efficiency.
D) the industry achieves allocative efficiency.
Correct Answer:
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Q173: The main characteristic of the perfectly competitive
Q174: Which sequence describes the long-run adjustment process
Q175: Which sequence describes the long-run adjustment process
Q176: If a firm is producing an output
Q177: Perfectly competitive markets are efficient in the
Q179: If a perfectly competitive industry achieves allocative
Q180: Allocative efficiency means that
A) goods and services
Q181: Perfectly competitive markets are productively efficient because
Q182: _ is achieved when goods are produced
Q183: The characteristics of a perfectly competitive market
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