Economics · Market Structures
Which of the following statements are false regarding price and output determination under perfect competition? (A) A firm is a price taker. (B) In the long run, a firm is in equilibrium when its AR = MR = LAC = LMC. (C) A firm is in equilibrium in the short run only when its AC = AR = MR = MC. (D) A firm reaches its shut-down point when price goes below its AC. (E) A firm fixes the price of its products when AR = MR. Choose the most appropriate answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(A), (E) Only
- 2(B), (C), (D) Only
- 3(C), (D), (E) Only✓
- 4(A), (B), (C) Only
Correct answer
(C), (D), (E) Only
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