If only one firm exists in a market, the firm has no power over the market price.
Correct Answer:
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Q16: A competitive market is
A)one in which firms
Q17: Most firms in the United States are
Q18: A variable factor is the type of
Q19: In the pumpkin-growing firm example in the
Q20: All types of firms suffer from managerial
Q22: By definition, profits are
A)total output minus total
Q23: In economics, the main objective of a
Q24: A firm in a competitive market can
Q25: A competitive market is one in which
Q26: In economics, firms are assumed to
A)maximize output
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