When a purely competitive market is in
When a purely competitive market is in equilibrium:
total cost equals total benefit.
average cost equals average benefit.
marginal cost equals marginal benefit.
the sum of marginal cost and marginal benefit is maximized.
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firms pay efficiency wages because these wagesminimize short-run costsmaximize short-run profitsincrease worker
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when a purely competitive market is in equilibriumtotal cost equals total benefitaverage cost equals average
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