11. A key assumption of the supply and demand model is that: each firm's good is...

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11. A key assumption of the supply and demand model is that: each firm's good is unique and cannot be duplicated by other firms in the market. each firm in the market produces an identical good. each firm produces at a level of output at which price exceeds marginal cost firms will continue to raise price until profits become positive. 11. A key assumption of the supply and demand model is that: each firm's good is unique and cannot be duplicated by other firms in the market. each firm in the market produces an identical good. each firm produces at a level of output at which price exceeds marginal cost firms will continue to raise price until profits become positive.

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option 2 is correct each firm in market produces ide... View the full answer