Perfectly competitive firms: a. are individually able to influence the market price. b. can influence the prices of other firms in the same industry by altering their own prices. c. are price takers, since they are not large enough to influence the market price. d. will succeed by charging a price higher than that charged by the rest of the market.

An important source of public scrutiny is "watchdogs." these are: the efforts of a firm's competitors, including how often the competitors attack the firm's strategies. taxpayer-supported government agencies that limit a firm's ability to compete in foreign markets. companies designated by the government to only produce products that support the government defense program. socially conscious groups that make it their mission to measure the social responsibility levels of businesses, and provide consumers with their opinions about the level of corporate responsibility of various companies.