As Long as the Output of an Individual Firm in a Perfectly

Multiple Choice

As long as the output of an individual firm in a perfectly competitive market is very small with respect to the total market for the product:

A) each individual firm can change price only by a small degree.
B) each individual firm sells a slightly differentiated product.
C) each individual firm takes the price as a "given".
D) firms are able to get together and effectively agree on restricting quantity supplied and raising prices.
E) depending on market conditions, the "given" price may be above or below the industry equilibrium price.