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Question
How do you know if a firm is perfectly competitive?
How do you know if a firm is perfectly competitive?
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Solution
An entirely perfect firm is a price taker, which implies that it should acknowledge the balance cost at which it sells merchandise. In a Perfect competition, there are many dealers, there is a simple entry and exit of firms, and the products manufactured resemble each other.
An entirely perfect firm is a price taker, which implies that it should acknowledge the balance cost at which it sells merchandise. In a Perfect competition, there are many dealers, there is a simple entry and exit of firms, and the products manufactured resemble each other.
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