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All of the Following Are True Regarding Perfectly Competitive Price

Question 320

Multiple Choice

All of the following are true regarding perfectly competitive price determination EXCEPT


A) the market price is determined by the interactions among all buyers (households) and firms.
B) the individual firm takes the market price as given.
C) the individual firm is known as a market price maker.
D) the individual firm's marginal revenue curve is horizontal at the market price.

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