Which of the following is true of a firm in a perfectly competitive industry?

Answer Options:

a. Its costs could be greatly reduced if it did not have to advertise its product

b. It will increase its total revenue if it increases the selling price of its product

c. It sets the price of its product at the level at which profits are maximized or losses are minimized

d. It faces a perfectly elastic demand curve

e. It faces a downward-sloping demand curve