Economy, asked by rksharma227, 5 months ago

Explain the features of perfect competition market. How industry is price

maker & firm is price taker. Explain it with diagram.

Answers

Answered by saleha55510

Answer:

A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the prevailing equilibrium price in the market. ... The market price is determined solely by supply and demand in the entire market and not the individual farmer.

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