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Is a firm under perfect competition …

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Is a firm under perfect competition a price taker or a price marker ? Justify your answer

    • Posted by Soaib Akhter Akhter 6 years, 6 months ago

    CBSE > Class 12 > Economics
    • 2 answers

    Gaurav Seth 6 years, 6 months ago

    A firm under perfect competition is a price taker by the following reasons:

    1. Number of Firms: The number of firms under perfect competition is so large that no individual firm by changing sale, can cause any meaningful change in the total market supply. Hence, market price remains unaffected.
    2. Homogeneous Product: All firms in a perfectly competitive industry produce homogeneous product. Hence, price remains same.
    3. Perfect Knowledge: All the buyers and sellers have perfect knowledge about market price so no firm charge a different price than market price. Hence a uniform price prevails in the market.

    0Thank You

    Satyam Sahu 6 years, 6 months ago

    Price taker

    0Thank You

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