If a perfectly competitive market is in long-run equilibrium, then the market is
A) both productively and allocatively efficient.
B) neither productively nor allocatively efficient.
C) productively efficient only.
D) allocatively efficient only.
Correct Answer:
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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
Q185: If output falls below equilibrium in a
Q186: The market structure that maximizes consumer surplus
Q187: Which statement is TRUE about perfectly competitive
Q188: One of the innovations that helped globalization
Q189: If many firms enter a competitive market
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