The individual competitive firm takes market price as given because the individu

Question

The individual competitive firm takes market price as given because

the individual firm's demand curve is downward sloping.

of product differentiation between competitive firms, which is reinforced by substantial spending on advertising.

each competitive firm produces a trivially small fraction of total market supply.

there are no immediately available substitutes for its product.

the individual firm's demand curve is downward sloping.

of product differentiation between competitive firms, which is reinforced by substantial spending on advertising.

each competitive firm produces a trivially small fraction of total market supply.

there are no immediately available substitutes for its product.

Explanation / Answer

of product differentiation between competitive firms, which is reinforced by substantial spending on advertising

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