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1. What does it mean to say that a perfectly competitive firm is a price taker? Can't a firm set any price it chooses? 2.

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1. What does it mean to say that a perfectly competitive firm is a price taker? Can't a firm set any price it chooses? 2. Why would a firm choose to remain in an industry in which it makes an economic profit of zero? True/False : 3. In the short run a firm should shut down if it cannot cover its fixed costs

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