The firm in a perfectly competitive market is a price-taker. This designation as a price taker is based on the assumption that:
(a) The firm has some, but not complete, control over its product price.
(b) There are so many buyers and sellers in the market that any individual firm cannot affect the market.
(c) Each firm produces a homogeneous market
(d) There is easy entry into or exit from the market place.
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In perfectly competitive market firm is the price taker whereas industry is the price maker. It is based on the assumption that there are so many buyers and sellers in the market that any individual firm cannot affect the market.
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In perfectly competitive market firm is the price taker whereas industry is the price maker. It is based on the assumption that there are so many buyers and sellers in the market that any individual firm cannot affect the market.
Explanation:
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