What is one reason why would corn production, which takes place in a perfectly competitive market, achieve an efficient use of resources?
A) because a perfectly competitive firm produces at the lowest possible long run average total cost
B) because a perfectly competitive firm produces where marginal revenue exceeds marginal cost
C) because a perfectly competitive firm is a price maker
D) because the goal of a perfectly competitive firm is to profit maximize
Correct Answer:
Verified
Q399: Consumer surplus
A) equals total revenue minus marginal
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