In a perfectly competitive market, buyers are completely aware of the asking prices of sellers but sellers are unaware of the bids placed by buyers.
Indicate whether the statement is true or false
Question 2
If a profit-maximizing, perfectly competitive firm is producing at a loss in the short run, then it implies that:
a. marginal revenue must be less than marginal cost.
b. price must be less than the average variable cost.
c. price must be less than average total cost but greater than average variable cost.
d. the average revenue curve must lie below the average variable cost curve but above the average fixed cost curve.
e. price must be less than both average variable cost and average fixed cost.
Norway lobsters on sale at a Spanish market
Non-competitive inhibition
In 2008, the U.S. economy suffered a gaping wound as several trillion dollars were ripped out of it.
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Hydroelectric power: 2013 Global Market
Oil supply and prices affect the economies of nations