A(n) ________ industry does NOT have price as a decision variable.

Name: A(n) ________ industry does NOT have price as a decision variable.
Brand: Quizplus
Rating: 4.8 (58 reviews)

Question

Quizplus · Accepted Answer

In a perfectly competitive industry, individual firms do not have the power to control or influence the market price. Price is determined by the forces of supply and demand, meaning that it is a given quantity and not a decision variable. Therefore, firms in a perfectly competitive industry cannot make pricing decisions.

A(n) ________ Industry Does NOT Have Price as a Decision