Question: which one of the following statements is true under perfect...
Which one of the following statements is true under perfect competition?
a. Consumer surplus is maximized.
b. Each firm's marginal cost curve is determined by the market price.
c. A firm can sell all it can produce that the market price.
d. Each firm's demand curve is the market demand curve.
e. Firms choose output so that price equals marginal cost in the long run, but firms may choose to set price above marginal cost in the short run to maximize profits.