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Which of the following is NOT true about a perfectly competitive market? a. At competitive equilibrium, economic surplus is maximized. b. The producer surplus is

Which of the following is NOT true about a perfectly competitive market?

a.

At competitive equilibrium, economic surplus is maximized.
b.

The producer surplus is zero in a perfectly competitive market.
c.

The industry supply and demand intersect to determine the equilibrium quantity and price.
d.

At competitive equilibrium, MU=P=MC.

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