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Which of the following correctly describes the price-setting power of a perfectly competitive firm?
Perfectly competitive firms have complete control over the prices for their products.
Perfectly competitive firms charge different prices to individuals based on the elasticity of each person's demand.
Firms in a perfectly competitive market have some price-setting power because they differentiate their products from their competitors' products.
The amount of price-setting power a perfectly competitive firm has depends on the elasticity of its demand curve.
Perfectly competitive firms have no price-setting power.