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Price Is Taken to Be a "Given" by an Individual

Question 146

Multiple Choice

Price is taken to be a "given" by an individual firm selling in a purely competitive market because


A) the firm's demand curve is downward-sloping.
B) there are no good substitutes for the firm's product.
C) each seller supplies a negligible fraction of the total market.
D) product differentiation is reinforced by extensive advertising.

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