A(n) ________ industry does not have price as a decision variable.

Name: A(n) ________ industry does not have price as a decision variable.
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Question

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In a perfectly competitive industry, individual firms are price takers, meaning they accept the market price as given and do not have the ability to influence the price of their product. This is because there are many firms producing identical products, making the price determined by the overall market supply and demand.

A(n) ________ Industry Does Not Have Price as a Decision