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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

“If a firm is a price taker, it does not have the ability to control the price of the product it sells.” What does this statement mean?

To determine

Explain the statement.

Explanation

The perfect competition is the market structure with more number of buyers and sellers selling homogeneous products. Price taker is the important assumption of perfect competitive market. If a firm is a price taker, it means that the firm cannot control the price of the product that it sells. Price is an independent factor under this market system...

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