Which of the following statement does NOT describe a situation of perfect competition.?
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- A The firm faces an infinitely elastic demand curve
- B The firm makes no pure profit in the short run
- C The price does not change with changes in the output level of the firm
- D There is freedom of entry into, and exit out of the industry
- E The firm can sell all it produces at the market price
Correct Answer: Option B
Explanation:
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