Multiple Choice Questions 1. The softdrink market is NUT a perfectlyr competitive market because a. new rms cannot enter this market b. there are very few buyers in this market c. there are only two sellers in this market d. the product sold is not homogeneous 2. A competitive firm sells at a price that is decided by a. the federal government b. the firm c. the buyers of the product d. interaction of all the suppliers and consumers of the product 3. The demand curve for a competitive firm is a. drawn as a horizontal line b. price line c. determined by the market price d. all of the above 4. For a competitive firm the marginal revenue curve is a. an upwardsloping curve