The assumption that each firm in a perfectly competitive market is a price taker basically means that ________.
A) market price is independent of the level of industry output
B) each firm's supply curve is perfectly elastic
C) the firm can take any price it wants to choose and still sell all its output
D) changes in the output of an individual firm do not affect the market price
Correct Answer:
Verified
Q8: Price in a perfectly competitive market will
Q9: In a perfectly competitive market,an individual seller
Q10: John is a tomato farmer and sells
Q11: Sellers in a perfectly competitive market _.
A)
Q12: In a perfectly competitive market,sellers _.
A) coordinate
Q14: Which of the following examples best describes
Q15: In a perfectly competitive market,an individual seller
Q16: Scenario: For the better part of a
Q17: Scenario: According to New York Department of
Q18: Scenario: In 2012, the company behind the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents