About perfect competition

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Reference no: EM13854110

Which of the following is true about perfect competition?

a. In perfect competition, a firm's accounting profit is the same as its economic profit.

b. In perfect competition, each firm can set its own prices in the market.

c. In a perfectly competitive market, a firm's long-run economic profit is zero.

d. In a perfectly competitive market, each firm faces a downward sloping demand curve.

Reference no: EM13854110

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