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Which of the following firm is the closest to being a perfectly competitive firm?The agricultural industry probably comes closest to exhibiting perfect competition because it is characterized by many small producers with virtually no ability to alter the selling price of their products.
Which of the following is a characteristic of perfect competition?The three primary characteristics of perfect competition are (1) no company holds a substantial market share, (2) the industry output is standardized, and (3) there is freedom of entry and exit.
At what level of output does a firm in a perfectly competitive market maximize its profit?The profit-maximizing choice for a perfectly competitive firm will occur at the level of output where marginal revenue is equal to marginal cost—that is, where MR = MC.
When a price is greater than marginal cost for a firm in a competitive market?2. The price faced by a profit-maximizing firm is equal to its marginal cost because if price were above marginal cost, the firm could increase profits by increasing output, while if price were below marginal cost, the firm could increase profits by decreasing output.
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Which of the following firms is the closest to being a perfectly competitive firm Chegg
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