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Which one of the following statements is incorrect?

Which one of the following statements is incorrect?

Under perfect completion:

  1. Firms may earn economic profits in the short run
  2. Firms may earn normal profit in the short run
  3. Firms may suffer economic losses in the short run
  4. Firms may earn economic profit in the long run

Which one of the following is not a characteristic of perfect competition in the short run?

  1. All firms are price takers
  2. All firms produce where average costs are minimised
  3. The equilibrium level of outputs occurs where marginal costs equals marginal revenue
  4. All buyers and sellers have perfect knowledge of marker conditions

Under perfect completion:

  1. average revenue is always equal to the price of the product
  2. marginal revenue is aways equal to marginal cost
  3. marginal revenue is always equal to the price of the product
  4. average revenue is always equal to marginal revenue

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