Individual firms in perfectly competitive industries are price takers because
A) the government sets all prices.
B) buyers set prices.
C) firms decide together on the best price to charge.
D) each individual firm is too small to affect the market price.
Correct Answer:
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Q16: Perfect competition exists in a market if
A)
Q17: A market is perfectly competitive if
A) each
Q18: In perfect competition, the
A) market demand for
Q19: In perfect competition
A) many firms sell slightly
Q20: Which of the following is a defining
Q22: In perfect competition
A) each firm can influence
Q23: An example of a perfectly competitive firm
Q24: In perfect competition, each firm
A) can influence
Q25: In perfect competition, the elasticity of demand
Q26: Firms in perfectly competitive industries have a
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