The Price Faced by a Perfectly Competitive Firm Is

question 314

Multiple Choice

The price faced by a perfectly competitive firm is

• A)determined by market demand and supply.
• B)the same as the market demand curve.
• C)the same as the market supply curve.
• D)the same as the firm's marginal cost curve.

---

Definitions:

Chemoreceptors

Sensory receptors in the body that respond to chemical stimuli, such as taste or smell.

Mechanoreceptors

Sensory receptors responsible for converting mechanical pressures or changes in position into signals that can be interpreted by the nervous system.

Amacrine Cell

A lateral interneuron in the retina of the eye; receives signals from bipolar cells and sends signals back to them or to ganglion cells.

Bipolar Cell

A type of neuron found in the eyes that conducts signals from the photoreceptors to the ganglion cells, integral in the visual pathway.