If all firms in an industry are price takers:
A) each firm can sell at the price it wants to charge,provided it is not too different from the prices other firms are charging.
B) each firm takes the market price as given for its output level,recognizing that the price will change if it alters its output significantly.
C) an individual firm cannot alter the market price even if it doubles its output.
D) the market sets the price,and each firm can take it or leave it by setting a different price.
Correct Answer:
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Q13: Price takers are individuals in a market
Q14: The assumptions of perfect competition imply that:
A)individuals
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Q17: In the model of perfect competition:
A)the consumer
Q19: Perfect competition is characterized by:
A)rivalry in advertising.
B)fierce
Q20: In a perfectly competitive industry,each firm:
A)is a
Q21: An assumption of the model of perfect
Q22: People in the eastern part of Beirut
Q23: For a perfectly competitive firm,marginal revenue:
A)is less
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