Market structure-measured in ability to set price of output

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Reference no: EM13838597

1. The Profit Maximizing condition for firms facing perfect competition is 1) Marginal Revenue = Marginal Cost and 2) Marginal Cost must cut through Marginal Revenue from below.

True

False

2. Market structure is measured in the ability to set the price of the output.

True

False

3. Market Power refers to the number of firms exist in a given market or industry.

True

False

Reference no: EM13838597

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