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Of the following characteristics of competitive markets, which are necessary for firms to be price takers? (i) There are many sellers. (ii) Firms can freely

Of the following characteristics of competitive markets, which are necessary for firms to be price

takers?

(i) There are many sellers.

(ii) Firms can freely enter or exit the market.

(iii) Goods offered for sale are largely the same.

a. (i) and (ii) only

b. (i) and (iii) only

c. (ii) only

d. All are necessary.

what is the answer and why

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