Multiple Choice
Which of the following is (are) true?
A) In perfect competition, price will be less than marginal cost.
B) In perfect competition, price will seldom adjust to reflect changes in production costs in the long run.
C) In perfect competition, to maximize profits, a firm will operate where P = MR = MC.
D) All of the above are true.
Correct Answer:
Verified
Correct Answer:
Verified
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