In a perfectly competitive industry, price equals marginal cost. Which of the following is NOT an implication of this? Group of answer choices Firms will always make zero economic profit A competitive firm sells its product at the opportunity cost of the product. The price of the product accurately reflects its cost to society. Competitive firms maximize profits.
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"Firms will always make zero economic profit" - This is not necessarily true. In the short run, firms can make positive or negative economic profit. In the long run, however, if the industry is perfectly competitive, firms will make zero economic profit as new Show more…
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