What prevents a perfectly competitive firm from seeking higher profits by increasing the price that it charges?

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Principles Of Economics

ISBN: 9781506699868

2nd Edition

Authors: OpenStax

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Question Posted: Oct 29, 2023 01:22 PM

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What prevents a perfectly competitive firm from seeking higher profits by increasing the price that it charges?

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In a perfectly competitive market firms are price takers which means they have no control over the price of their product The price is determined by t...View the full answer

Principles Of Economics

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