Question

when a firm is called price taker?​

Answer 1

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. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors

Explanation:

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Answer 2

this is the answer given above

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