Question

In a perfectly competitive industry, which of the following is true?

The competitive price is higher and quantity higher than the socially efficient point.

The competitive price is higher and quantity lower than the socially efficient point.

Since the industry is perfectly competitive, price and quantity are at the socially efficient levels.

The competitive price is lower and quantity higher than the socially efficient point.

Answer 1

2nd one i think i dint know if its rights i just need to answer 3 questions so i can get help so good luck