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In perfect competition, what does price equal?
In perfect competition, what does price equal?
- Fixed cost
- Average cost
- Marginal cost (correct)
- Total cost
If price were greater than marginal cost in perfect competition, what would this imply?
If price were greater than marginal cost in perfect competition, what would this imply?
- More ought to be produced (correct)
- No change in production
- Less ought to be produced
- Producers will incur losses
In perfect competition, what does marginal utility equal when price equals marginal cost?
In perfect competition, what does marginal utility equal when price equals marginal cost?
- Average cost
- Total cost
- Marginal cost (correct)
- Fixed cost
What is argued to be the implication of price equaling marginal cost in perfect competition?
What is argued to be the implication of price equaling marginal cost in perfect competition?
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What happens when price equals marginal cost in perfect competition?
What happens when price equals marginal cost in perfect competition?
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