In a perfect competition, every firm is a price?

Assessment: JAMB UTME - Economics - 1999 Subject: Economics

Question 1 Report

In a perfect competition, every firm is a price?
Answer Details
In a perfect competition, every firm is a price taker. This means that the market determines the price of the product and individual firms have no control over it. Each firm must accept the market price in order to sell its product, and no firm can influence the market price by itself. Therefore, firms must focus on producing at the lowest possible cost to remain profitable in a competitive market.
Read lesson note on The Theory Of Supply (JAMB)
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