A Price-Taking Firm Cannot Affect Its Own Output Price Because

Multiple Choice

A price-taking firm cannot affect its own output price because

A) price is determined by consumers, not producers.
B) market demand is perfectly elastic; that is, even a tiny increase in price results in zero quantity demanded.
C) it is only one firm among many, so the price is determined in the market as a whole.
D) consumer preferences dictate a single price in a competitive market.
E) of government statutes, such as price floors and price ceilings.