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fattykay92 fattykay92
wrote...
Posts: 323
A week ago

Question 1.

The demand curve for each seller's product in perfect competition is horizontal at the market price because



the price is set by the government.



each seller is too small to affect market price.



all the sellers get together and set the price.



all the demanders get together and set the price.



Question 2.

In a perfectly competitive market the term "price taker" applies to



only the smallest sellers and buyers.



buyers but not sellers.



sellers and buyers.



sellers but not buyers.

Textbook 

InMicro


Edition: 1st
Authors:
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Answer verified by a subject expert
qwer34qwer34
wrote...
Posts: 283
A week ago
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Answer 1

each seller is too small to affect market price.



Answer 2

sellers and buyers.

1

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