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Which of the following correctly describes the price-setting power of a perfectly competitive firm?

A

Perfectly competitive firms have complete control over the prices for their products.

B

Perfectly competitive firms charge different prices to individuals based on the elasticity of each person's demand.

C

Firms in a perfectly competitive market have some price-setting power because they differentiate their products from their competitors' products.

D

The amount of price-setting power a perfectly competitive firm has depends on the elasticity of its demand curve.

E

Perfectly competitive firms have no price-setting power.

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