The condition of equilibrium of the industry under perfect competition is
A) mc = mr
B) mc = ac
C) mc = mr = ar
D) mc = ac = ar
Correct Answer:
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Q13: In the market period, market supply curve
Q14: Given the supply of a commodity, in
Q15: Total profit is maximum when
A)total revenue is
Q16: Total profits are maximized where
A)tr equals tc
B)tr
Q17: The equality between MC and MR is
A)a
Q19: In the short-run, a competitive firm can
Q20: If price is equal to average cost,
Q21: If price is greater than average cost,
Q22: If price is less than average cost,
Q23: Break-even point is a point where price
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