Question

in a free-market economy, firms operating in a perfectly competitive industry are said to have only one major choice to make. what is it?

Answer 1

In a perfectly competitive industry, firms are said to have only one major choice to make, which is how much to produce. This is because in a perfectly competitive market, all firms are price takers, meaning they have no control over the price of the product they sell. Instead, the price is determined by the market forces of supply and demand.

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