A firm in a perfectly competitive industry can raise its price above the market price to increase revenue.

Name: A firm in a perfectly competitive industry can raise its price above the market price to increase revenue.
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Question

Quizplus · Accepted Answer

In a perfectly competitive market, firms are price takers, meaning they cannot set prices above the market price because consumers have many other identical options and would simply buy from competitors instead.

A Firm in a Perfectly Competitive Industry Can Raise Its