Multiple Choice
A firm in perfect competition is referred to as a price-taker because:
A) it could not alter the market price by adjusting its output.
B) competition is carried on primarily through non-price competition.
C) it is uncertain what the price for its product should be.
D) being a small firm, it has to accept the price dictated by the larger firms.
Correct Answer:
Verified
Correct Answer:
Verified
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