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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

In a perfectly competitive market, firms always operate at the lowest per-unit cost.” Is the preceding statement true or false? Explain your answer.

To determine

Whether the given statement is true or false.

Explanation

The given statement is not true. Under perfect competitive market, firms maximize its profit by producing the goods and services at the point where the marginal cost is equal to marginal revenue (MC=MR). If the firm is in the breakeven point, then price, marginal revenue, marginal cost, and short-run average total cost are equal (<

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