Under the long-run equilibrium, for perfectly competitive markets without any government intervention: producer surplus is greater than consumer surplus consumer surplus is greater than producer surplus the sum of consumer and producer surplus is maximized. consumer surplus is maximized producer surplus is maximized
Under the long-run equilibrium, for perfectly competitive markets without any government intervention: producer surplus is greater than consumer surplus consumer surplus is greater than producer surplus the sum of consumer and producer surplus is maximized. consumer surplus is maximized producer surplus is maximized
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Give typing answer with explanation and conclusion
Under the long-run equilibrium, for
consumer surplus is greater than producer surplus
the sum of
consumer surplus is maximized
producer surplus is maximized
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