Competitive firms are price takers largely because of intensive advertising by their competitors.
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Q10: The short-run supply curve slopes upward because
Q11: In pure competition, the industry demand curve
Q12: As long as its total revenues are
Q13: A competitive firm will produce in the
Q14: The demand curve for a purely competitive
Q16: Marginal revenue is the addition to total
Q17: In the short run, a competitive firm
Q18: Firms in a monopolistically competitive industry have
Q19: Although individual purely competitive firms can influence
Q20: In maximizing profit, a firm will always
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