A purely competitive firm is a price taker because Is MC curve slopes upward O MC & ATC are equal at the profit maximizing output O. its MR curve is horizontal its ATC curve is U shaped Question 45 0.3 pts Questions 45 : 47 are according to the Last Word entitled "Elasticity & Pricing Power" Even though your elasticity of demand may be clastic or inelastic, the price you pay for the product purchased will be the same. O True Question 46 0.3 pts The elasticity of demand for an individual $ the elasticity of demand for a group of individuals and both easy to determine O Fabe Question 47 0.3 pts Travelers by all on baniness five in inelastic demand for tickets as compared to kisure travelers thing airplane transportation