Which of the Following Is True of Perfect Competition

question 58

Multiple Choice

Which of the following is true of perfect competition?

• A) Pareto e?ciency holds in perfect competition.
• B) Firms operate at the highest point on their long-run cost curve.
• C) The price in the market is higher than the marginal cost.
• D) Firms make the highest level of output at the highest possible cost.

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Definitions:

Alateen

A peer support group specifically designed for teenagers affected by someone else's alcoholism.

Surrender

The process of accepting reality and letting go of the fight against factors outside one’s control, often used in the context of recovery from addiction.

Confession

The act of admitting to or acknowledging something that one has done, which is often considered wrong or has been kept secret.

Traditions

The passing down of customs, beliefs, and practices from one generation to another, often serving as a component of cultural or religious identity.