If a perfectly competitive firm were to raise its price above the market price,it would

Name: If a perfectly competitive firm were to raise its price above the market price,it would
Brand: Quizplus
Rating: 4.9 (57 reviews)

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, resulting in the firm selling nothing.

If a Perfectly Competitive Firm Were to Raise Its Price