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Economy
attribute attribute Feb 1, 2021

Diagram of perfect competitive form of the firm is a price taker​

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A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the prevailing equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors

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Feb 1, 2021
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