In the long run, perfectly competitive firms achieve:
A) allocative and productive efficiency.
B) allocative efficiency, but not productive efficiency.
C) productive efficiency, but not allocative efficiency.
D) neither allocative nor productive efficiency
Answer: A) allocative and productive efficiency.
You might also like to view...
A person is ________ to the degree that he or she is willing to invest time, energy, and his or her sense of self in attaining conventional goals
Fill in the blank(s) with the appropriate word(s).
Refer to Figure 12-17. Which of the following statements is true?
A) The current market price is $3 but the firm will be able to increase the price in the future. B) The current market price is $3 but the price will fall in the long run as new firms enter the market. C) The current market price is $3 but the price will increase in the future as the market demand increases. D) The current market price is $3 but the price will fall in the long run as a result of a decrease in demand.
Terms of trade refers to
A) the relative price at which trade occurs. B) what goods are imported. C) what goods are exported. D) the volume of trade. E) the tariffs applied to trade.
In the present, most of the exports from China are
A) manufactured goods. B) services. C) primary products including agricultural. D) technology intensive products. E) overpriced by world market standards.