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In a perfectly competitive industry each individual firm

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Reference no: EM132511516

Does anyone know if these are true or false? Trying to study for my next Micro test

1. In a perfectly competitive industry each individual firm normally faces downward sloping demand curve.

2. Average fixed costs of a business firm will always decline as it produces more output.

3. A firm that operates in monopolistically competitive industry maximizes its profits at the rate of output where price is equal to marginal cost.

Reference no: EM132511516

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