A seller in a perfectly competitive market cannot

Name: A seller in a perfectly competitive market cannot
Brand: Quizplus
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Question

Quizplus · Accepted Answer

In a perfectly competitive market, the seller is a price taker and cannot influence the market price. The seller can only increase the amount he supplies by producing efficiently at the lowest possible cost, and cannot decrease its marginal cost as it is determined by the market conditions. Leaving the industry is also an option for the seller but it does not influence the market price.

A Seller in a Perfectly Competitive Market Cannot