A perfectly competitive firm is a "price taker" because it cannot sell its product for more than the market price.
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Q1: Perfect competition forms one extreme of the
Q2: A price taking firm is able to
Q3: The market for toothpaste is a good
Q5: Perfect competition is an ideal market structure.
Q6: Under perfect competition, firms are relatively ignorant
Q7: Perfectly competitive firms are known for being
Q8: Perfectly competitive markets are not the most
Q9: In perfectly competitive markets, some buyers do
Q10: It is relatively easy for a firm
Q11: Perfectly competitive markets feature relatively high barriers
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