Which of the following is true of perfectly competitive firms?
A) It is difficult for entrepreneurs to become suppliers of a product in a perfectly competitive market structure.
B) A perfectly competitive firm has a perfectly elastic supply curve.
C) In a perfectly competitive market, an individual seller can change his price and it will not alter the output he sells.
D) None of the above are true.
Correct Answer:
Verified
Q131: Exhibit 12-9 Q132: Perfectly competitive markets are characterized by: Q133: Which of the following is a characteristic Q134: If input prices rise as industry output Q135: Which of the following is not true Q137: If the typical firm in a perfectly Q138: If a perfectly competitive industry uses a
A) rivalry
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