Firms in a perfectly competitive market are said to be price takersthat is, once the market determines
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Firms in a perfectly competitive market are said to be “price takers”—that is, once the market determines an equilibrium price for the product, firms must accept this price. If you sell a product in a perfectly competitive market, but you are not happy with its price, would you raise the price, even by a cent?
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No you would not raise the price Your product is exac...View the full answer
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