Perfectly competitive firms are said to be “small.” Which of the follo
Perfectly competitive firms are said to be “small.” Which of the following best describes this smallness?
A) The individual firm must have fewer than 10 employees.
B) The individual firm faces a downward-sloping demand curve.
C) The individual firm has assets of less than $2 million.
D) The individual firm is unable to affect market price through its output decisions.
ANSWER
D
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