The Price Charged by a Perfectly Competitive Firm Is Determined

question 31

Multiple Choice

The price charged by a perfectly competitive firm is determined by _____

• A)each individual firm.
• B)a group of firms acting together as a cartel.
• C)market demand and market supply.
• D)the firm's total costs.
• E)the firm's average variable cost.

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Definitions:

Infidelity

Refers to the act of being unfaithful or violating a commitment or trust in a romantic relationship.

Rationalization

Psychological defense mechanism in which a person invents acceptable excuses for unacceptable behavior.

Defense Mechanisms

Unconscious psychological strategies used to cope with reality and protect the ego from anxiety.

Freud

An Austrian neurologist named Sigmund Freud created psychoanalysis, a therapeutic approach that treats mental illnesses by facilitating discussions between a patient and a psychoanalyst.