Use the Following to Answer Question(s)

Multiple Choice

Use the following to answer question(s) :
Exhibit: The Market for Carrots

-(Exhibit: The Market for Carrots) If this is a perfectly competitive market, which of the following is true?

A) The supply curve is linear and is determined by average total cost.
B) The equilibrium price and output are determined by demand and supply.
C) Each firm in this market is a price setter.
D) The price is too high.