Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 14 - Part V - Firms in Competitive Markets - Quick Check Multiple Choice - Page 296: 1

Answer

c) takes its price as given

Work Step by Step

Perfectly competitive firms are price-takers. This is because the market has many buyers and sellers such that no individual buyer or seller has the power to materially affect the price in the market.
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