Answer to Question #141319 in Microeconomics for taiba

Question

. Which of the following is NOT a characteristic of perfect competition in the short run?[1]
A. All firms are price takers.
B. All firms produce where average costs are minimised.
C. The equilibrium level of output occurs where marginal cost equals marginal revenue.
D. All buyers and sellers have perfect knowledge of market conditions.
E. All sellers act independently of each other.

Answer 1

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