Land of Many Lakes (LML) sells butter to a broker in Albert Lea, Minnesota. Because the market for butter is generally considered to be competitive, LML does not choose the
A)quantity of butter to produce.
B)price at which it sells its butter.
C)profits it earns.
D)All of the above are correct.

Question

Quizplus · Accepted Answer

In a competitive market, firms are price takers, meaning they cannot choose the price at which they sell their product; the market determines it.

Land of Many Lakes (LML) Sells Butter to a Broker