Under perfect competition, firms produce the ________ level of output because price equals marginal cost.

Name: Under perfect competition, firms produce the ________ level of output because price equals marginal cost.
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Under perfect competition, firms produce the efficient level of output because the condition for efficiency in production is that price equals marginal cost. This ensures that resources are allocated in a way that maximizes total surplus in the economy.

Under Perfect Competition, Firms Produce the ________ Level of Output