Why is social welfare maximized in a competitive market?
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10-14-2012, 05:07 PM
Post: #1
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Why is social welfare maximized in a competitive market?
A.) profits are zero
B.) price equals marginal cost of the last unit produced C.) Price equals average cost of the last unit produced D.) there is free entry and exit =) Ads |
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10-14-2012, 05:15 PM
Post: #2
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B.) price equals marginal cost of the last unit produced
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