12. In a perfectly competitive market, since producers cannot individually control the price they charge for their product, they are __. 1.Price makers 2.Price setters 3.Price takers 4.All of the above 5.None of the above 13. A perfectly competitive firm maximizes its profit by adjusting _____. 14. Suppose a farmer produces apples in a perfectly competitive market. According to this information, 15. In a monopolistic market, since producers can individually control the price they charge for their product, we call then____.
16. Which of the following is a characteristic of a monopolistic market? 1.It is easy for a firm to enter the market. 2.Monopolists produce goods very similar to other firms’ products. 3.A monopolistic market consists of one firm, generally large in size.4.Monopolists maximize profit by producing as much of a good as possible. 5.All of the above. 17. Which of the following statements is correct about average fixed cost (AFC) of production?