When perfect competition prevails, which of the following characteristics of firms are we likely to observe?
A.None of them ever experiences 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.

Question

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The Answer of When perfect competition prevails, which of the following characteristics of firms are we likely to observe?
A.None of them ever experiences 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.

When Perfect Competition Prevails, Which of the Following Characteristics of Firms