If a firm in a perfectly competitive market raises its price

Name: If a firm in a perfectly competitive market raises its price
Brand: Quizplus
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Question

Quizplus · Accepted Answer

In a perfectly competitive market, firms are price takers, meaning they must accept the market price. If a firm raises its price above the market level, consumers will buy from other firms offering the product at the market price, leading the firm that raised its price to sell nothing.

If a Firm in a Perfectly Competitive Market Raises Its