Author Question: In perfect competition, all the following situations arise except ________. A. firms produce an ... (Read 96 times)

tichca · **on:** Jun 29, 2018

In perfect competition, all the following situations arise except ________.

A. firms produce an identical good or service
B. each firm chooses the price at which to sell the good it produces
C. firms can sell any quantity they choose to produce at the market price
D. buyers know each seller's price

Question 2

Consumers are willing to purchase a product up to the point where

A) the marginal benefit of consuming the product equals the area below the supply curve and above the market price.
B) the marginal benefit of consuming a product is equal to its price.
C) the marginal benefit of consuming the product is equal to the marginal cost of consuming it.
D) the consumer surplus is equal to the producer surplus.

poopface · **Reply #1 on:** Jun 29, 2018

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