Q. Price is constant or "given" to the individual firm selling in a purely competitive marketbecause: (Solved)
1. the firm\s demand curve is downward sloping.
2. there are no good substitutes for the firm\s product.
3. each seller supplies a negligible fraction of total supply.
4. product differentiation is reinforced by extensive advertising.
- c. each seller supplies a negligible fraction of total supply.