In long-run equilibrium,purely competitive markets:

A) minimize total cost.
B) maximize the sum of consumer surplus and producer surplus.
C) yield economic profits to most sellers.
D) inevitably degenerate into monopoly in increasing-cost industries.

Purely Competitive Markets

Markets characterized by many sellers offering identical products, leading to a high degree of competition and efficiency.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.

Economic Profits

Profits earned by a business after accounting for both explicit costs (like wages and rents) and implicit costs (such as opportunity costs).