In a market where the products are standardized, individual firms have _____ impact on price.

Name: In a market where the products are standardized, individual firms have _____ impact on price.
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Question

Quizplus · Accepted Answer

In a market with standardized products, individual firms typically operate under conditions of perfect competition, where the price is determined by the market based on supply and demand, leaving individual firms with no power to set prices.

In a Market Where the Products Are Standardized, Individual Firms