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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

The horizontal demand curve for the perfectly competitive firm signifies that it cannot sell any of its product for a price higher than the market equilibrium price. Why not?

To determine

Explain why a perfectly competitive firm cannot charge price above the equilibrium price.

Explanation

In a perfectly competitive market, there are more firms selling homogenous products; thus, one firm alone cannot make any changes in the price of a particular product...

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