Answer:
The answer is C. takes its price as given by market conditions.
Explanation:
In perfect competition, there are:
1. large number of buyers and sellers that no buyer or seller can influence the price of commodity.
2. The commodity in the market are identical (homogeneous). So if a seller increases its own price, consumers will switch to the next seller.
3. There are few or no barriers to entry and exit. Entry and exit cost is low.
4. The bargaining power of seller is low while that of buyer is seller.
So what determines the price?
Price in perfect competitive market is determined by the demand and supply in the market. The demand curve faced by a firm here is horizontal meaning, meaning at high price, the firm cannot sell anything.
So price is determined at the point where demand curve and supply curve intersects.
In at the attached file Po is the prevailing market price and Qo is the quantity demanded at price Po.
Sellers or firms in this market are price takers
The news headline “animations cut movie budgets” is about what and how goods and services are produced.
At the <u>conversion </u>stage of transforming raw materials into finished goods, managers typically use <u>concurrent </u>control methods to determine customers' reactions to the organization's goods and services.
<h3>What is a raw materials?</h3>
Raw material seems to be a basic resource that is used create items, completed goods, power, or transitional resources that are fodder for upcoming finished products. It is additionally referred to as a fuel, untreated material, or main item.
In the input phase of the method of changing the raw product, the managers usually employ feedforward supervision. Taking care of issues when they arise.
Concurrent control provides managers with real - time updates on how effectively inputs are being converted into outputs during the conversion step, allowing managers to address issues as they arise.
Learn more about raw materials, Here:
brainly.com/question/13314553
#SPJ2
Efficiency and innovation is important to a society because they are key components to bringing income into their economy and creating jobs for those within it. Being efficient means to use your resources wisely and get through work at a good pace. Being efficient doens't mean you need to rush through anything, just use your time and resources as best as you can. Innovation is important because it creates new ideas for consumers and producers to make and sell within an economy. When a new invention comes about, that gives opportunities for growth and expansion of a company or a new or old.
