Consider a perfectly competitive market in which all firms h

Consider a perfectly competitive market in which all firms have the same costs. Choose the statement that is incorrect. A. In the short run, a firm cannot incur an economic loss. B. Each firm takes the market price as given and produces its profit-maximizing output. ° C. The market supply curve is upward sloping at prices above the firm\'s shutdown price. O D. Market demand and market supply determine the market price and market output. Click to select your answer Choice Quiz 4 8

Solution

Ans: In the short run, a firm cannot incur an economic loss

Explanation: