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A firm can sell as much as it wants at the market price. The situation is related to?
  • a)
    Monopoly
  • b)
    Monopolistic competition
  • c)
    Perfect competition
  • d)
    Oligopoly
Correct answer is option 'C'. Can you explain this answer?
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A firm can sell as much as it wants at the market price. The situation...
Pure or perfect competition is a theoretical market structure in which the following criteria are met: All firms sell an identical product (the product is a "commodity" or "homogeneous"). All firms are price takers (they cannot influence the market price of their product). Market share has no influence on prices.
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A firm can sell as much as it wants at the market price. The situation...
Pure or perfect competition is a theoretical market structure in which the following criteria are met:
  • All firms sell an identical product (the product is a "commodity" or "homogeneous").
  • All firms are price takers (they cannot influence the market price of their product). Market share has no influence on prices.
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A firm can sell as much as it wants at the market price. The situation...
In competitive markets, many firmsproduce identical goods, and each firmserves a small share of the market. If the firm raises its price, its sales willdrop to . The firm can sell as much as it wants to at the market price, so if it reduces its price, its profits must go down.
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A firm can sell as much as it wants at the market price. The situation is related to?a)Monopolyb)Monopolistic competitionc)Perfect competitiond)OligopolyCorrect answer is option 'C'. Can you explain this answer?
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