Answer to Question #213609 in Microeconomics for Idodo

Question #213609

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.


1
Expert's answer
2021-07-05T16:24:10-0400

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


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