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In a perfectly competitive market, each firm is a price taker because: There are many other firms that produce identical goods. There are low barriers

In a perfectly competitive market, each firm is a price taker because:

		There are many other firms that produce identical goods.
		There are low barriers to entry.
		There are many buyers.
		There are no good substitutes for their goods.

A perfectly competitive firm MUST be earning a profit when:

		P>AVC
		P
		MR
		P>ATC

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