In competitive price-taker markets, firms

A) can sell all of their output at the market price.
B) produce differentiated products.
C) can influence the market price by altering their output level.
D) are large relative to the total market.

Price-Taker Markets

Markets in which individual sellers or buyers cannot influence the price of a good or service and must accept the market price as given.

Market Price

The current price at which an asset or service can be bought or sold in the open market.

Differentiated Products

Products distinguished from similar products by characteristics like quality, design, location, and method of promotion.