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Which of the following is true about perfect competition?
a. In perfect competition, a firm's accounting profit is the same as its economic profit.
b. In perfect competition, each firm can set its own prices in the market.
c. In a perfectly competitive market, a firm's long-run economic profit is zero.
d. In a perfectly competitive market, each firm faces a downward sloping demand curve.
q1. suppose demand and supply are given by qd 7-12px and qs14p-12determine the equilibrium price and quantitysuppose a
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illustrate what price should it charge and how many DVDs should it order from each supplier.
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