Which of the following are true-
a) In perfect competition, equilibrium is achieved where MR = MC and MC is rising.
b) In perfect competition, when MC cuts MR from below, equilibrium is established.
c) A monopolistic firm can have super normal profits in long run also.
a) In perfect competition, equilibrium is achieved where MR = MC and MC is rising.
b) In perfect competition, when MC cuts MR from below, equilibrium is established.
c) A monopolistic firm can have super normal profits in long run also.
Answer & explanation
Correct answer: option 4
Only A is true