The most efficient level of output for a perfect competitor

A) is greater in the short run than the long run.
B) occurs when average costs are rising.
C) is not necessarily good news for the consumer.
D) in the long run is also the cheapest level of output.

Perfect Competitor

A theoretical market structure where many firms sell identical products, no single firm can influence the market price, and all possess perfect market information.

Average Costs

The total cost of production divided by the number of goods produced, often used to assess cost efficiency.