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Question 1 2 0 . 7 1 pts Price is taken to be a given by an individual firm selling in a purely competitive market

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12

0.71

pts

Price is taken to be a "given" by an individual firm selling in a purely competitive market because:

There are no good substitutes for the firm's product

The firm's demand curve is downward

-

sloping

Each seller supplies a negligible fraction of total market

Product differentiation is reinforced by extensive advertising

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