A Perfectly Competitive Firm Has No Control Over the

question 96

Multiple Choice

A perfectly competitive firm has no control over the

• A)quantity of output produced
• B)quantities of inputs used
• C)price of the product
• D)type of good produced
• E)types of inputs used

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Definitions:

Pounds

A unit of weight in the imperial system, equivalent to 0.453592 kilograms.

Common Denominator

The shared multiple of the denominators of two or more fractions, allowing them to be compared or combined.

Sum

The result of adding two or more numbers or quantities together.

Product

The result of multiplying two or more quantities together.