Question: Which statement incorrectly describes price-setting and price-taking firms? Select one: a.The price-setting firms have more incentive to advertise their products in comparison to the price-taking

Which statement incorrectly describes price-setting and price-taking firms?

Select one:

a.The price-setting firms have more incentive to advertise their products in comparison to the price-taking firms.

b.In a market with price-taking firms, the total surplus is maximised.

c.Both the price-setting and price-taking firms maximise their profits.

d.The price-taking firm chooses price and quantity, whereas the price-setting firms chooses only quantity.

e.The price-taking firm chooses a quantity at which the price is equal to the marginal cost.

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