A perfectly competitive firm is a price taker because
A) The price of the product is determined by many buyers and sellers.
B) It has market power.
C) Market supply is upward-sloping.
D) Its products are differentiated.
Correct Answer:
Verified
Q48: Competitive firms cannot individually affect market price
Q49: The demand curve confronting a competitive firm
A)Equals
Q50: If the equilibrium price in a perfectly
Q51: The market price for any good or
Q52: A firm maximizes profit when
A)Total costs exceed
Q54: The short run is the time period
A)Over
Q55: A firm's total revenue can be determined
Q56: The demand curve for each perfectly competitive
Q57: Which of the following characterizes a competitive
Q58: Which of the following is a production
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