-The graph above illustrates the electricity market. Consider market competition between firms where price is based on AR and select the most appropriate answer.
A) this market is perfectly competitive with excess profits possible in the short-run
B) this market is imperfectly competitive with excess profits possible in the short-run
C) this market is imperfectly competitive with excess profits possible in the long-run
D) this market is perfectly competitive with negative profits possible in the long-run
Correct Answer:
Verified
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