consider a perfectly competitive market in which all firms have the same costs. choose the statement that is incorrect
a)the market demand is elastic at the market price
b)each firm takes the market price as given and produces its profit -maximizing output
c)the market supply curve is upward sloping at prices above the firms shut down price
d)market demand and market supply determine the market price and market output.
1 answer
I wish somebody who knew answered, im guessing d