Select correct one In an imperfect market, individual firms:      a. are always able to set the price of their product.      b. are able to influence the price of their product.      c. have no influence over the price of their product.      d. take the market price as given.

Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter23: Price-searcher Markets With Low Entry Barriers
Section: Chapter Questions
Problem 13CQ
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Select correct one

In an imperfect market, individual firms:  
  
a. are always able to set the price of their product.  
  
b. are able to influence the price of their product.  
  
c. have no influence over the price of their product.  
  
d. take the market price as given.

 

 

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