In Perfectly Competitive Industries, the Price Is Equal to the Marginal

question 2

True/False

In perfectly competitive industries, the price is equal to the marginal cost, which ensures productive efficiency.

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Definitions:

Bilateral Mistake

A mistake that occurs when both parties to a contract are mistaken about the same material fact.

Interpretation

The process of explaining the meaning of something, often applied within legal, financial, and technical contexts to understand texts, actions, or events.

Contractor's Bid

A proposal offered by a contractor to perform a specific job or project at a defined price and under certain conditions.

Enforceable

A term used to describe a legal document, such as a contract or agreement, that can be upheld or compelled by law.