45. Price-taking firms i.e., firms that operate in a perfectly competitive market, are said to be 'small' relative to the market. Which of the following best describes this smallness? A. The individual firm must have fewe than 10 employees B. O The individual firm faces a downward-sloping demand curve C. O The individual firm has assets less than Rs. 20 lakhs D. O The individual firm is unable to affect market price through its output decisions
45. Price-taking firms i.e., firms that operate in a perfectly competitive market, are said to be 'small' relative to the market. Which of the following best describes this smallness? A. The individual firm must have fewe than 10 employees B. O The individual firm faces a downward-sloping demand curve C. O The individual firm has assets less than Rs. 20 lakhs D. O The individual firm is unable to affect market price through its output decisions
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![45. Price-taking firms i.e., firms that
operate in a perfectly competitive
market, are said to be 'small'
relative to the market. Which of the
following best describes this
smallness?
A. O The individual firm must have fewer
than 10 employees
B. O The individual firm faces a
downward-sloping demand curve
C. O The individual firm has assets less
than Rs. 20 lakhs
D. O The individual firm is unable to
affect market price through its
output decisions](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8a6e48d5-3833-4e26-be60-fc4a763ac8b8%2F76a52c84-ba12-433c-aa44-3f331dcf836d%2Fi4fha6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:45. Price-taking firms i.e., firms that
operate in a perfectly competitive
market, are said to be 'small'
relative to the market. Which of the
following best describes this
smallness?
A. O The individual firm must have fewer
than 10 employees
B. O The individual firm faces a
downward-sloping demand curve
C. O The individual firm has assets less
than Rs. 20 lakhs
D. O The individual firm is unable to
affect market price through its
output decisions
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