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20 votes
20 votes
Have no control over the price they charge for their product.

O Price takers
O Price searchers
O Price makers
O Price manipulators

User Victor Dyachenko
by
2.7k points

2 Answers

16 votes
16 votes

Final answer:

In a perfectly competitive market, firms are price takers and have no control over the price they charge for their product.

Step-by-step explanation:

Firms in a perfectly competitive market are known as price takers. This means that they have no control over the price they charge for their product. Once the market determines an equilibrium price, firms must accept this price and cannot raise it, not even by a cent.Firms in a perfectly competitive market are known as price takers. This means that they have no control over the price they charge for their product.

A perfectly competitive firm is a small player in the overall market. It must accept the prevailing equilibrium price determined by supply and demand in the entire market, rather than setting its own price.

User Steveinatorx
by
2.7k points
15 votes
15 votes

Answer:

○ price makers.

Step-by-step explanation:

they are the ones who make the price so they have no control over the price

User Londeren
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3.0k points