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23-11-2021
Business

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When firms are in perfect competition, the result is that firms charge a price that is always equal to its

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santinedrayden santinedrayden

23-11-2021

Answer:

It will charge a price equal to the minimum of its average cost of production, because perfect competition drives the price down to the zero profit level. (If price is above average costs then economic profits are being made. The economic profits will attract more firms in to this easy to get in to industry.

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