Chapter 14/Firms in Competitive Marketsv619Chapter 14Firms in Competitive MarketsMultiple Choice1.A market is competitive if(i)firms have the flexibility to price their own product.(ii)each buyer is small compared to the market.(iii)each seller is small compared to the market.a.(i) and (ii) onlyb.(i) and (iii) onlyc.(ii) and (iii) onlyd.All of the above are correct.ANS: CPTS: 1DIF: 1REF: 14-1TOP: Competitive marketsMSC: Definitional2.When a firm has lit
