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

Question

14-11-2019
Business

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

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amirmeeka amirmeeka · Answer 1 · 2019-11-14T07:32:32+01:00

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.