Firm in a perfectly competitive market are similar

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Reference no: EM131009818

A wheat farmer and a firm in a perfectly competitive market are similar in that:

a. both face vertical demand curves.

b. both have to lower their prices if a rival firm lowers its price.

c. both face horizontal demand curves.

d. both will earn an economic profit if their total revenue equals their total cost.

Reference no: EM131009818

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