Multiple Choice
Which of the following statements is one of the assumptions of the theory of perfect competition?
A) Firms compete with each other by varying their price.
B) Firms are price setters.
C) Consumers know the prices charged by each firm.
D) Firms produce a wide variety of versions of the product.
E) A firm's entry to the market is regulated by the federal Competition Bureau.
Correct Answer:
Verified
Correct Answer:
Verified
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