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प्रश्न
In a perfectly competitive market, an individual firm is called a price taker because ______.
पर्याय
it can fix any price it wants
it is very large compared to the market
it must accept the price set by market demand and supply
it always sells at a loss
MCQ
रिकाम्या जागा भरा
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उत्तर
In a perfectly competitive market, an individual firm is called a 'price taker' because it must accept the price set by market demand and supply.
Explanation:
Each firm is very small compared to the whole market, so it cannot influence price and must accept the market-determined price.
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