Answered: A perfectly competitive firm is…

A perfectly competitive firm is referred to as a A price giver. B price taker. C price maker. D price cutter. E price setter.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter22: Perfect Competition

Section22.4: Topics For Analysis In The Theory Of Perfect Competition

Problem 1ST

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Question

A perfectly competitive firm is referred to as a

A price giver.
B price taker.
C price maker.
D price cutter.
E price setter.

Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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