Multiple Choice
A firm in perfect competition may produce a higher level of output than is socially optimum Because:
A) it's price does not represent the value that consumers place on a product.
B) it produces a level of output that does not please the society.
C) it always produces where price is equal to marginal cost.
D) it does not take into account third party-effects.
Correct Answer:
Verified
Correct Answer:
Verified
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