If a perfectly competitive firm is a price taker

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Reference no: EM13737859

If a perfectly competitive firm is a price taker, then

a) it must be a relatively small player compared to its competitors in the overall market.

b) quality differences will be very perceptible and will play a major role in purchasers' decisions

c) it can increase or decrease its output without affecting overall quantity supplied in the market

d) pressure from competing firms ill force acceptance of the prevailing market price

Reference no: EM13737859

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