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Prices will remain high while productions costs will be lower in a perfectly competitive market.

True or False

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Perfectly competitive market is a market with perfect competition in which all firms sell an identical product and all of them are price takers - they cannot control the market price of their product. All firms have a relatively small marketshare and buyers have complete information about the product. Competition results in lower prices. So, the statement that Prices will remain high while productions costs will be lower in a perfectly competitive market is false.
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User Molicule
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