All of the following helps explain why perfectly competitive firms are price takers except    options:   buyers have complete information about the product.   they sell standardized products.   they sell differentiated products.   it is easy to enter the industry

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Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.