If a price taker attempts to raise its price by a small amount, the quantity that its customers will buy will

Name: If a price taker attempts to raise its price by a small amount, the quantity that its customers will buy will
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Question

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In a market where a firm is a price taker, if it attempts to raise its price even by a small amount, customers will switch to the numerous other suppliers offering the product at the market price, leading the firm's sales to drop to zero.

If a Price Taker Attempts to Raise Its Price by a Small