Firm in Perfect Competition Market:
(a) is price determiner
(b) accepts the price
(c) can influence the price
(d) None of these
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(c) can influence the price
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The firm is in perfect competition market accepts the price.
What are the characteristics of a perfect competition market?
- In this market, there are a large number of buyers and sellers are available
- Any firm that enters and exits in this market has no restrictions
- All the products in this market are perfect and of high quality
- There is no role of government in this market and the profit does not affect any third party
- In this market, sellers earn maximum profit
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