Aperfectly competitive firm can
a) sell all of its output at the prevailing market price...
Aperfectly competitive firm can
a) sell all of its output at the prevailing market price.
b) set a higher price to customers who are willing to pay more.
c) raise its price in order to increase its total revenue.
d) sell additional output only by lowering its price.
e) usually not sell all the output it produces, but still "over-produces" because there are some periods when it can sell the extra output at very profitable prices.
Answers: 3
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