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Assumptions about Perfectly Competitive Markets

An individual...

Question

If an individual firm under perfect competition cannot influence the market price, then who can and how?

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Solution

Under perfect competition, the industry can influence the market price by raising or lowering output.

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Similar questions

Q. A firm under monopolistic competition cannot influence market price.

Q. Under perfect competition, single seller can influence the price.

Q. Price elasticity of demand for an individual firm under perfect competition is _____________.

Q. Under perfect competition, there can be only one price in the market because ___________________.

Q. State whether the following statement are TRUE and FALSE.

1. There is no price discrimination under Monopolistic competition.

2. In a monopoly market, firm and industry are the same.

3. Product differentiation is not possible under perfect competition.

4. Under perfect competition, price is determined by equilibrium of demand and supply.

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Assumptions about Perfectly Competitive Markets

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