Price is taken to be a "given" by an individual firm selling in a purely competitive market because
A) the firm's demand curve is downward-sloping.
B) there are no good substitutes for the firm's product.
C) each seller supplies a negligible fraction of the total market.
D) product differentiation is reinforced by extensive advertising.
Correct Answer:
Verified
Q88: Which of the following is not a
Q89: In a purely competitive industry, each firm
A)determines
Q90: Which of the following is characteristic of
Q91: Which idea is inconsistent with pure competition?
A)price-taking
Q92: If a firm has at least some
Q94: Which characteristic would best be associated with
Q95: Which of the following is not a
Q96: The demand schedule or curve confronted by
Q97: Which of the following is a reason
Q98: Which of the following is not a
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