In a perfectly competitive market,

A. all firms produce and sell a standardized or undifferentiated product.
B. firms are price-setters.
C. the output sold by a particular firm may be quite different from the output sold by the other firms in the market.
D. it is difficult for new firms to enter the market due to barriers to entry.


Answer: A

Economics

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Terrell, an auto repair mechanic who remains unemployed because he refuses to work for less than $1,000 an hour, is

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Orange juice drinkers want to consume more orange juice at a lower price. Which of the following events would have this effect?

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