46 Under Pure Competition Many Companies Produce A Standardized Product If Your Market Price Is Greater Than Total Pr 1 (33.11 KiB) Viewed 57 times
46 Under Pure Competition Many Companies Produce A Standardized Product If Your Market Price Is Greater Than Total Pr 2 (33.11 KiB) Viewed 57 times
46. Under pure competition, many companies produce a standardized product. If your market price is greater than Total Price, this is good for you. Stay in the market. True or False 47. In the same scenario as above, if your market price is less than total cost, this is bad, and you should leave that market. True or False 48. As firms enter markets, there are more products to sell therefore prices fall. True or False 49. Productive efficiency requires that goods are produced in the least costly way. True or False 50. In respect to question 49., this is true because firms that do not use the best available (least-cost) production methods and combinations of inputs will not survive. True or False
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