Answer to Question #221265 in Microeconomics for jenni

Question

1.    In a competitive market individual firms take as given

a.     the level of output they produce.

b.    the price they receive for their output.

c.     both the level of output they produce and the price they receive.

d.    neither the level of output they produce nor the price they receive.

Answer 1

b.    the price they receive for their output