Price-taking firms i.e., firms that operate in a perfectly competitive market, are said to be 'small' relative to the market. Which of the following best describes this smallness?

• A. he individual firm must have fewer than 10 employees
• B. he individual firm faces a downward-sloping demand curve
• C. he individual firm has assets less than Rs. 20 lakhs
• D. he individual firm is unable to affect market price through its output decisions