In a perfectly competitive market, each firm can sell _____ at the market price, and it can sell _____ at a price higher than the market price.

Question

Quizplus · Accepted Answer

In a perfectly competitive market, firms are price takers, meaning they can sell as much as they want at the market price but cannot sell anything at a price higher than the market price because consumers will simply buy from other firms selling at the market price.

In a Perfectly Competitive Market, Each Firm Can Sell _____