A perfectly competitive firm has control over:

Question

Quizplus · Accepted Answer

In a perfectly competitive market, the firm has no control over market conditions, the number of firms in the market, or the price at which to sell. The market is characterized by many buyers and sellers, homogeneous products, perfect information, and no barriers to entry or exit. Therefore, the only choice that a firm has is to determine the quantity of output to produce to maximize its profit, which depends on the market price and the firm's cost structure.

A Perfectly Competitive Firm Has Control Over