Question

2.31.
A firm under perfect competition is a price taker and the industry is a price maker." Do
you agree with the given statement ? Support your answer with valid explanation.​

Answer 1

Answer:

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NCERT Solutions for Class 12 Micro Economics Perfect Competition

September 29, 2019 by Bhagya

NCERT Solutions for Class 12 Micro Economics Chapter-10 Perfect Competition

NCERT TEXTBOOK QUESTIONS SOLVED

Question 1. What are the Characteristics of a perfectly competitive market? [3 Marks]

Answer:

Answer 2

Answer:

yes I am agree with the statement.

Explanation:

1. As we know, in Perfect competition, homogeneous goods are produced. So, industry cannot charge different price from different firms.
2. So, industry will give that price to the firm where industry is in equilibrium, i.e., where Demand = Supply. Any movement from that point would be unstable.