In a perfectly competitive industry, individual firms act as a single, cooperative entity.

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In a perfectly competitive industry, individual firms act independently and competitively, seeking to maximize their own profits. There is no cooperation among firms, and each firm is too small to influence market prices. In a perfectly competitive industry, individual firms act independently and compete against each other. No single firm has control over the market price and all firms are price takers.

In a Perfectly Competitive Industry, Individual Firms Act as a Single