In a perfectly competitive industry, individual firms act as profit minimizers.

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In a perfectly competitive industry, individual firms act as price takers, meaning they have no control over the market price and must accept whatever price the market determines. As a result, their focus is on maximizing profits rather than minimizing them. In a perfectly competitive industry, individual firms act as price takers, not profit minimizers. They have no control over the market price and must accept it as given. Therefore, their goal is to maximize profits, not minimize them.

In a Perfectly Competitive Industry, Individual Firms Act as Profit