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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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Previous Question Next Question

	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.