Which of the following is true about perfect competitiona, Ask an Expert

Economics

Which of the following is true about perfect competition?

a. In perfect competition, a firm's accounting profit is the same as its economic profit.

b. In perfect competition, each firm can set its own prices in the market.

c. In a perfectly competitive market, a firm's long-run economic profit is zero.

d. In a perfectly competitive market, each firm faces a downward sloping demand curve.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91423870

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