A firm in perfect competition is a price taker because
A) there are no good substitutes for its good.
B) its demand curve is vertical at the profit-maximising quantity.
C) many other firms produce identical products.
D) its demand curves are downward sloping.
E) it is very large.
Correct Answer:
Verified
Q4: In which market structure do firms exist
Q5: Perfect competition is characterised by all of
Q6: One requirement for an industry to be
Q7: In a perfectly competitive market, the type
Q8: What is the difference between perfect competition
Q10: We know that a perfectly competitive firm
Q11: The firm's over-riding objective is to
A) avoid
Q12: One requirement for an industry to be
Q13: Each firm in a perfectly competitive industry
A)
Q14: In which market structure does one firm
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