Price is constant or "given" to the individual firm selling in a purely competitive market because:

Related MCQs

• When a purely competitive firm is in long-run equilibrium, price is equal to:
• Suppose a competitive firm produces 100 units of X for a price of Rs.10 a unit. The firm is employing labour and capital such that the marginal physical product of labour and capital is 20 and 5 and the prices paid to labour and capital are Rs. 60 and Rs. 40 respectively. How would you characterize the firm
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• Under perfect market conditions the individual firm in the industry has control over the price of the product.
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