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AP® Microeconomics

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Moderate

Perfectly-Competitve Resource Market and Product Market

APMICR-ZXEVHK

If a firm is hiring resources in a perfectly competitive resource market, which of the following must be TRUE?

A

It has a perfectly elastic demand curve.

B

It has a perfectly elastic supply curve.

C

It is a price taker in the product market.

D

It is a price maker in the product market.

E

Its MRC curve is above its supply curve.