Economists refer to perfectly competitive firms as price-takers and to monopolies as price-makers. Why?

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Principles of Economics

ISBN: 978-1285064437

7th edition

Authors: Fred M. Gottheil

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Question Posted: Apr 21, 2015 09:35 AM

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Economists refer to perfectly competitive firms as price-takers and to monopolies as price-makers. Why?

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The perfectly competitive firm is an insignificant part of the industrys market so that any increa...View the full answer

Principles of Economics

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