Each firm produces at a quantity where price is set

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In a perfectly competitive market, each firm produces at a quantity where price is set

1) equal to marginal cost, in the short run.

2) equal to marginal cost, both in the short run and in the long run.

3) equal to average cost, in the long run.

4) equal to average cost, both in the short run and in the long run.

Reference no: EM13974882

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