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Through a perfectly competitive firm has the following option with respect to how it sets price:

Through a perfectly competitive firm has the following option with respect to how it sets price: 


1) 

Are required to accept below-market prices if they wish to sell their product


2) 

Often set the price of their product above the market equilibrium to take advantage of market imperfections


3) 

Have a great deal of latitude when it comes to setting the price of their product


4) 

Have little choice but to accept the prevailing market price for their product

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