What happens if an individual firm in a perfectly competitive market increases its price to be slightly above the market price?

Question

Quizplus · Accepted Answer

In a perfectly competitive market, firms are price takers, meaning they must accept the market price. If one firm raises its price above the market level, consumers will switch to buying from other firms that are still selling at the market price, as products are homogeneous and there are no barriers to switching suppliers.

What Happens If an Individual Firm in a Perfectly Competitive