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Which of the Following Is True of a Perfectly Competitive

Question 38

Multiple Choice

Which of the following is true of a perfectly competitive industry?


A) In a perfectly competitive industry, the volume of output produced in the industry is determined by the largest individual seller.
B) In a perfectly competitive industry, the volume of output produced in the industry is determined by the largest individual buyer.
C) In a perfectly competitive industry, a firm can determine the quality of its output.
D) In a perfectly competitive industry, a firm can determine the quantity of its output.
E) In a perfectly competitive industry, the quantity of output produced by a firm is determined by the government.

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