Multiple Choice
Which of the following is a characteristic of a competitive price-taker market?
A) Profit maximizing firms in the market will expand output until price equals average variable cost.
B) The market demand curve for the product is a horizontal line.
C) There are many firms in the market, each producing a small share of total market output.
D) The product produced by each of the firms is differentiated.
Correct Answer:
Verified
Correct Answer:
Verified
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