If a perfectly competitive firm is a price taker, then: a) pressure from competing firms will force
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If a perfectly competitive firm is a price taker, then:
a) pressure from competing firms will force acceptance of the prevailing market price.
b) quality differences will be very perceptible and will play a major role in the purchaser's decisions.
c) it can increase or decrease its output without affecting the overall quantity supplied in the market.
d) it must be a relatively small player compared to its competitors in the overall market.
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