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Problem on Competitive Equilibrium

When a purely competitive firm functions in a competitive resource markets in short run then the firm: (i) Confronts an inelastic supply curve for the output. (ii) Purchases inputs till the net cost of inputs equivalents the net value of outputs. (iii) Hires the input up to a point where VMP = unit cost per resource. (iv) Faces a back-ward bending labor supply curve.

Choose the right answer from the above options.

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