22 In a perfectly competitive market, each firm maximises its profit by choosing only the quantity to
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22 In a perfectly competitive market, each firm maximises its profit by choosing only the quantity to produce. 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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Related Book For 
Economics
ISBN: 9781118150122
10th European Edition
Authors: Michael Parkin, Dr Melanie Powell, Prof Kent Matthews
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