A Firm in a Perfectly Competitive Market Has No Control

question 310

Multiple Choice

A firm in a perfectly competitive market has no control over price because

• A) the government imposes price ceilings on the products produced in perfectly competitive industries.
• B) there is free entry and exit from the industry.
• C) every firm's product is a perfect substitute for every other firm's product.
• D) the market demand for products produced in perfectly competitive industries is perfectly elastic.

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Definitions:

Savant Syndrome

A condition where an individual, often with significant mental disabilities, demonstrates profound and prodigious capacities or abilities in a specific area.

William Syndrome

A genetic disorder characterized by developmental delays, cardiovascular disease, and distinctive facial features, often with a friendly personality.

Autism Spectrum Disorder

A developmental disorder characterized by difficulties with social interaction and communication, and by restricted or repetitive patterns of thought and behavior.

Autism

A developmental disorder characterized by difficulties with social interaction, communication, and restricted or repetitive behaviors.