Which of the Following Is NOT True of a Perfectly

question 81

Multiple Choice

Which of the following is NOT true of a perfectly competitive firm?

• A)It faces a perfectly elastic demand curve.
• B)It is unable to influence the market price of the good it sells.
• C)It seeks to maximize revenue.
• D)Relative to the size of the market,the firm is small.

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Definitions:

Mean

The average value of a set of numbers, calculated by dividing the sum of all the values by the number of values.

Symmetric

Characteristic of a shape or figure that is identical on both sides of a central line; it applies broadly to situations where two sides of something are mirror images of each other.

Bell Shaped

Descriptive of a graph or distribution which is symmetrical and has its highest point in the middle, tapering off evenly on both sides, characteristic of a normal distribution.

Normal Distribution

A bell-shaped probability distribution characterized by its mean and standard deviation, frequently occurring in nature and statistics.