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