The only choice available to a perfectly competitive firm that is producing efficiently is what price to charge in order to maximize profits.

Name: The only choice available to a perfectly competitive firm that is producing efficiently is what price to charge in order to maximize profits.
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Question

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In perfect competition, firms are price takers, meaning they cannot choose the price at which to sell their goods. Instead, they adjust their output level to maximize profits based on the market price.

The Only Choice Available to a Perfectly Competitive Firm That