A Perfectly Competitive Firm Has to Charge the Same Price

question 273

Multiple Choice

A perfectly competitive firm has to charge the same price as every other firm in the market.Therefore, the firm

• A)faces a perfectly inelastic demand curve.
• B)is not able to make a profit in the short run.
• C)is a price taker.
• D)faces a perfectly elastic supply curve.

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Definitions:

Volcanic Mountain Belt

A volcanic mountain belt refers to a large-scale geographic area dominated by a series of volcanoes, often associated with plate boundaries, where subduction, rifting, or hotspots activities facilitate magma ascent to the surface.

Continental Drift

Continental drift is the historical scientific theory that continents have moved across the Earth's surface over geologic time, a precursor to the theory of plate tectonics.

South Atlantic Drift

A significant ocean current in the southern Atlantic Ocean that circulates warm water and influences climate patterns in the surrounding regions.

Vertical Hierarchy

An organizational structure where power and authority are concentrated at the top, and decisions flow downward.