Suppose Life Is Discovered on Mars and That It Turns

question 49

Multiple Choice

Suppose life is discovered on Mars and that it turns out to be quite sophisticated.In fact, perfect competition prevails everywhere on the planet.Which of the following characteristics of Martian firms are we likely to observe?

• A)None of them ever experiences diminishing marginal returns.
• B)They all try to operate where price equals average variable cost.
• C)They all try to operate where price equals total cost.
• D)The are all price takers.

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