A purely competitive firm is a price maker,but a monopolist is a price taker.

Name: A purely competitive firm is a price maker,but a monopolist is a price taker.
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Question

Quizplus · Accepted Answer

A purely competitive firm is a price taker because it has no control over the market price and must accept the market price as given. On the other hand, a monopolist is a price maker because it has some control over the market price due to its market power as the sole seller of a particular product or service.

A Purely Competitive Firm Is a Price Maker,but a Monopolist