A perfectly competitive firm has some competitors but it is still able to influence the market price.

Name: A perfectly competitive firm has some competitors but it is still able to influence the market price.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A perfectly competitive firm is a price taker, meaning it has no influence on the market price as it must accept the prevailing market price to sell its products. Therefore, it cannot influence the market price.

A Perfectly Competitive Firm Has Some Competitors but It Is