The short-run equilibrium in a perfectly competitive mark...
The short-run equilibrium in a perfectly competitive market requires that
Marginal cost be equal to total revenue
Marginal cost and marginal revenue be equal
Costs are mutually determined by buyers and sellers
The marginal cost curve cuts the total cost curve
Correct answer is B
In the short run, equilibrium will be affected by demand.
A short run competitive equilibrium is a situation in which the price is such that the total amount the firms wish to supply is equal to the total amount the consumers wish to demand.
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