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Which of the following is TRUE regarding perfect competition? 1. The firms are price takers, II. Marginal revenue equals the price of the product. III.

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Which of the following is TRUE regarding perfect competition? 1. The firms are price takers, II. Marginal revenue equals the price of the product. III. Established firms have no advantage over new firms. Select one O b. I only Ocll and III d. I, II and

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