Question

Which of the following statements is/are correct about a firm operating in a perfectly 

competitive market?

[1] The market price is given by the firm’s average variable cost.

[2] The firm has perfect information and consumers have imperfect information.

[3] The level of production efficiency is greater in the long run than in the short

4] The firm faces the same demand schedule as its marginal revenue.

Answer 1

4] The firm faces the same demand schedule as its marginal revenue.