Which of the following statements 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
Explanation
Correct Option
bNo explanation available
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