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Suppose a market has only two consumers - Consumer A and Consumer B, and two producers - Producer A and Producer B. Which identity is
Suppose a market has only two consumers - Consumer A and Consumer B, and two producers - Producer A and Producer B. Which identity is a useful way to describe equilibrium in a perfectly competitive market?
a. | price = marginal cost to producer B | |
b. | marginal benefit to Consumer A > marginal benefit to consumer B | |
c. | price = marginal benefit to Consumer A | |
d. | price = marginal benefit to Consumer A = marginal benefit to consumer B = marginal cost to producer A = marginal cost to producer B |
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