In a perfectly competitive market, each firm maximizes its profit by choosing only the quantity to produce
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In a perfectly competitive market, each firm maximizes its profit by choosing only the quantity to produce and, regardless of whether the firm makes an economic profit or incurs an economic loss, the short-run equilibrium is efficient.
Is the statement true? Explain why or why not.
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The statement is mostly true In a perfectly competitive market individual firms are price takers and ...View the full answer
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