Perfectly competitive markets are characterised by firms that...

a.Produce differentiated products.

b.Lack full information.

c.Face significant barriers to entry.

d.Are price takers.

If a firm is a price taker, then it is always true that...

a.P = MR.

b.P < MR.

c.P > MR.

d.P > MC.

The shutdown price occurs at a perfectly competitive firm's...

a.Minimum AVC.

b.Profit-maximising point.

c.Minimum ATC.

d.Minimum efficient scale.