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No explanations needed, just answers. 1. Because there are a large number of buyers and sellers in the market, perfectly competitive firms are __________. a.)
No explanations needed, just answers.
1. Because there are a large number of buyers and sellers in the market, perfectly competitive firms are __________.
a.) price setters
b.) price takers
c.) price competitors
d.) price makers
2. Consider the diagram below. At a selling price of $12 per unit, how much profit or loss is this perfectly competitive firm experiencing, and should they continue to produce or shut down temporarily?
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