If every firm is a price taker, then which of the following characteristics does their industry have?
A) large number of sellers
B) many versions of the product
C) limited resource mobility
D) few consumers
E) market power
Correct Answer:
Verified
Q23: Suppose the equilibrium price in a perfectly
Q24: Exhibit 8-1 Q25: Because it is small relative to the Q26: Perfectly competitive firms are price takers because Q27: ]The demand curve faced by a perfectly Q29: Suppose the equilibrium price in a perfectly Q30: The demand curve facing a perfectly competitive Q31: A perfectly competitive firm is a price Q32: If a perfectly competitive firm raises its Q33: Which real-world market most closely approximates perfect
A)each
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