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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Why is a perfectly competitive firm a price taker?

To determine

Explain why a perfectly competitive firm is a price taker.

Explanation

Perfect competition is the market structure with more number of buyers and sellers who sell a homogeneous product. Price taker is the important assumption of perfect competitive market. Firms cannot control the price of the product it sells. Price is an independent factor under this market system...

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