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Economics
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Economics
Which of the following statements about price and marginal cost in competitive and monopolized markets is true ?
In competitive markets, price equals marginal cost, in monopolized markets price exceeds marginal cost.
Correct answer
B
In competitive markets price equals marginal cost, in monopolized markets price equals marginal cost
Option B
C
In competitive markets price exceeds marginal cost, in monopolized markets price exceeds marginal cost
Option C
D
In competitive markets price exceeds marginal cost in monopolized markets price equals marginal cost
Option D
Correct answer: A
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