Competitive Firms Cannot Individually Affect Market Price Because

question 55

Multiple Choice

Competitive firms cannot individually affect market price because

• A)There is an infinite demand for their goods.
• B)Demand is perfectly inelastic for their goods.
• C)Their individual production is insignificant relative to the production of the industry.
• D)The government exercises control over the market power of competitive firms.

---

Definitions:

End-Of-Life Decision

Choices made regarding care and treatment options for individuals who are nearing the end of their life, focusing on comfort and quality of life.

Vigorously

Performed with force, energy, or intense activity.

Journal

A periodic publication that focuses on a particular academic field or area of interest, containing articles, studies, and research findings.

Spiritual Concept

refers to ideas, beliefs, or principles related to the soul, spirit, or sacred matters, playing a role in an individual's sense of meaning and purpose in life.