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For a perfectly competitive firm, which of the following is not true at profit maximization?
Raw Materials
Basic materials used in the production process, not yet processed or manufactured into final products.
Traditional Environment
An operational setting adhering to long-established methods and practices, often resisting modernization.
Setups
Preparatory actions or costs associated with configuring equipment or workspaces for a production run or task.
Time-Consuming Activity
Tasks or processes that require a significant amount of time to complete, often reducing efficiency.
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