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Elena-2011 [213]
3 years ago
12

Both buyers and sellers are price takers in a perfectly competitive market because

Business
1 answer:
Paladinen [302]3 years ago
7 0

Answer:

The price is determined by government intervention and dictated to buyers anti sellers each buyer and teller knows it it illegal to conspire to affect price.

Explanation:

A perfectly competitive firm is a price taker, which implies that it must acknowledge the equilibrium price at which it sells products. In the event that a perfectly competitive firm attempts to charge even a modest sum more than the market price, it will be not able make any sales.

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