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$3\mathrm{.}1.$ What are the fundamentals of markets?

Which of the following statements is true or false about firms in imperfect markets and firms in highly competitive markets?

True

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In competitive markets, individual firms have little impact on the market price.

In imperfect markets, firms have varying levels of market power.

A monopoly firm is an example of an imperfect market.

In imperfect markets, firms have a negligible impact on the output.

A market is competitive if a single firm leaving noticeably changes the market price.

False

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