“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.
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In perfect competition, industry is the price maker and firm is the price taker.” Discuss. Answer: Yes, this statement is true. ... So, industry cannot charge different price from different firms. So, industry will give that price to the firm where industry is in equilibrium, i.e., where Demand = Supply.
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