The price at which a perfectly competitive firm sells its product is determined by
A) the individual seller based on his costs of production and his profit margin.
B) all sellers and buyers of the product.
C) the buyers of the product, because there are so many sellers that they cannot agree on a price.
D) the government, because there are so many buyers and sellers of the product that together they cannot agree on the price.
Correct Answer:
Verified
Q20: Popular online publications that have no close
Q21: Perfectly competitive industries are
A)difficult to enter because
Q22: For a perfectly competitive firm,
A)the marginal revenue
Q23: Exhibit 22-1 Q24: The perfectly competitive firm will seek to Q26: The theory of perfect competition generally assumes
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