Which of the following statement does NOT describe a situation of perfect competition.?
A.
The firm faces an infinitely elastic demand curve
B.
The firm makes no pure profit in the short run
C.
The price does not change with changes in the output level of the firm
D.
There is freedom of entry into, and exit out of the industry
E.
The firm can sell all it produces at the market price
Correct Answer: Option B
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