The price faced by a perfectly competitive firm is

A) determined by market demand and supply.
B) the same as the market demand curve.
C) the same as the market supply curve.
D) the same as the firm's marginal cost curve.

Perfectly Competitive Firm

A theoretical business entity in a market where no single company can influence the price of goods or services, and where all products are identical.

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.

Market Supply

Market Supply refers to the total amount of a specific good or service available to consumers in a market at a given price over a certain period.