Asked by
Nadeen Abdrabou
on Nov 30, 2024
Verified
Which statement is true?
A) Most firms in the United States are perfect competitors.
B) In order for perfect competition to exist there must either be many firms in the industry or all firms must make an identical product.
C) The perfect competitor never produces at the minimum point of her ATC.
D) None of the statements are true.
Perfect Competitors
Entities in a market where no single buyer or seller has the power to influence the market price due to the industry's homogeneous nature and the presence of many participants.
ATC
Average Total Cost, which is calculated by dividing the total cost of production by the quantity of output produced.
- Gain insight into the nature of perfect competition and the conduct of businesses in such market scenarios.
Verified Answer
AL
Learning Objectives
- Gain insight into the nature of perfect competition and the conduct of businesses in such market scenarios.