ECO 561 Final Exam: ECO 561 - If a firm in a purely competitive industry
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11) Price is constant or given<br />
to the <strong>in</strong>dividual <strong>firm</strong> sell<strong>in</strong>g<br />
<strong>in</strong> a <strong>purely</strong> <strong>competitive</strong><br />
market because<br />
A. the <strong>firm</strong>'s demand curve is<br />
downward slop<strong>in</strong>g<br />
B. of product differentiation<br />
re<strong>in</strong>forced by extensive<br />
advertis<strong>in</strong>g<br />
C. each seller supplies a<br />
negligible fraction of total<br />
supply<br />
D. there are no good substitutes<br />
for its product<br />
12) The most important pric<strong>in</strong>g<br />
strategy for a perfectly <strong>competitive</strong><br />
<strong>firm</strong> is<br />
A. m<strong>in</strong>imiz<strong>in</strong>g cost<br />
B. maximiz<strong>in</strong>g sales<br />
C. product differentiation<br />
D. advertis<strong>in</strong>g<br />
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