Perfectly competitive markets are efficient because
A) they always reach equilibrium.
B) firms in the market are price takers.
C) the cost to society for producing the goods is exactly equal to the value that society places on the good.
D) the long run equilibrium assures that the prices of resources will not increase.
Correct Answer:
Verified
Q408: A firm's long-run position under perfect competition
Q409: For a perfectly competitive firm at its
Q410: When price equals marginal cost
A) firms make
Q411: A situation in which the price charged
Q412: A market failure is a situation in
Q414: Competitive pricing is efficient because
A) the price
Q415: With marginal cost pricing
A) marginal benefits are
Q416: Which of the following best describes a
Q417: A situation in which the price charged
Q418: A situation in which the price charged
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents