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CLASSOF1 [MICROECONOMICS- PERFECT COMPETITION]
Multiple choice questions related to perfect competitive market structure, price,
output, marginal cost, demand curve.
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1. The price of a seller's product in perfect competition is determined by:
A) the individual demander.
B) a few of the sellers.
C) market demand and market supply.
D) the individual seller.
2. Both buyers and sellers are price takers in a perfectly competitive market because:
A) the price is determined by government intervention and dictated to buyers and sellers.
B) each buyer and seller knows it is illegal to conspire to affect price.