Why Is a Perfectly Competitive Firm Said to Be a Price

question 30

Multiple Choice

Why is a perfectly competitive firm said to be a price taker?

• A)It produces such a good which is not produced by any other firm in the market.
• B)It faces the downward sloping market demand curve.
• C)The firm's individual production is insignificant relative to production in the industry.
• D)There does not exist any barrier to the entry of new firms in the industry.
• E)The firm's marginal-revenue curve is downward sloping.

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Definitions:

Thyroid Hormone

Hormones produced by the thyroid gland, important for regulation of metabolism, energy generation, and neuromuscular function.

Pituitary Hormone

Hormones secreted by the pituitary gland, which is located at the base of the brain and plays a crucial role in regulating growth and metabolism, among other functions.

Testosterone

A male hormone secreted by the testes that causes and maintains male secondary sex characteristics.

Sexual Characteristics

Physical or physiological traits associated with male or female species, often related to reproductive functions.