The Price at Which a Perfectly Competitive Firm Sells Its

Multiple Choice

The price at which a perfectly competitive firm sells its product is determined by

A) the individual seller based on his costs of production and his profit margin.
B) all sellers and buyers of the product.
C) the buyers of the product, because there are so many sellers that they cannot agree on a price.
D) the government, because there are so many buyers and sellers of the product that together they cannot agree on the price.