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Q. |
Price is constant or "given" to the individual firm selling in a purely competitive market because: |
A. | the firm\s demand curve is downward sloping. |
B. | there are no good substitutes for the firm\s product. |
C. | each seller supplies a negligible fraction of total supply. |
D. | product differentiation is reinforced by extensive advertising. |
Answer» C. each seller supplies a negligible fraction of total supply. |
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