A Firm in Pure Competition Will

question 44

Multiple Choice

A firm in pure competition will:

• A) advertise its product to tell potential customers about its unique product.
• B) be able to set its own price level.
• C) have to accept the going price.
• D) be able to increase its total revenue only by lowering its price.
• E) All of the above.

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Definitions:

Commercial Impracticability

A doctrine that allows parties to a contract to be excused from performing their obligations when unforeseen events make performance excessively difficult or costly.

Discharge

The completion, termination, or fulfillment of a legal duty, obligation, or debt.

Performance

The execution, accomplishment, or fulfillment of duties, contracts, or other obligations according to their terms.

Subjective Satisfaction

Involves a condition within certain contracts where the fulfillment of obligations is based on one party's personal or subjective approval.