Test 3 to post - Test 3 Multiple Choice Identify the letter...

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Test 3 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. In a competitive market, the actions of any single buyer or seller will a. have a negligible impact on the market price. b. have little effect on overall production but will ultimately change final product price. c. cause a noticeable change in overall production and a change in final product price. d. adversely affect the profitability of more than one firm in the market. ____ 2. For a firm in a perfectly competitive market, the price of the good is always ____
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