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Which of the Following Statements Is TRUE

Question 82

Multiple Choice

Which of the following statements is TRUE?
I. A free market minimizes the total costs of producing output.
II. In a free market, P = MC1 = MC2 = . . . MCN.
III. Every firm faces the same price in a competitive market.


A) I and II only
B) III only
C) I and III only
D) I, II, and III

Correct Answer:

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