When Perfect Competition Prevails,which Characteristic of Firms Are We Likely

question 83

Multiple Choice

When perfect competition prevails,which characteristic of firms are we likely to observe?

• A)None of them ever has 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)They are all price takers.

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