Businesses within a purely competitive market have few opportunities to raise or lower their prices.

Name: Businesses within a purely competitive market have few opportunities to raise or lower their prices.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

In a purely competitive market, businesses have no control over the market price as it is determined solely by supply and demand. Therefore, there are no opportunities to raise or lower prices as they must accept the prevailing market price.

Businesses Within a Purely Competitive Market Have Few Opportunities to Raise