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Today, 02:46

Consider a perfectly competitive market in which all firms have the same costs. Choose the statement that is incorrect.

A. The market supply curve is upward sloping at prices above the firm's shutdown price.

B. Each firm takes the market price as given and produces its profit-maximizing output.

C. In the short run, a firm cannot incur an economic loss.

D. Market demand and market supply determine the market price and market output.

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  1. Today, 03:34
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    Answer and Explanation:

    C. In the short run, a firm cannot incur an economic loss.
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