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A perfectly competitive firm has no cont...

A perfectly competitive firm has no control over the price of the product.

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A perfecily competitive firm is a price taker and has to accept the price as fixed by market forces of demand and supply
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has no control over price of his product.

In case of perfect competition, the horizontal straight line demand curve indicates that an individual firm has no control over price of his product. Comment.

Knowledge Check

  • A perfectly competitive firm faces:

    A
    Constant price
    B
    Constant average revenue
    C
    Constant marginal revenue
    D
    All of these

  • In a perfectly competitive market"

    A
    Firm is a price maker and industry is the price taker
    B
    Firm is a price taker and industry is the price maker
    C
    Both are price takers
    D
    Both are price makers

  • Under which one of the following forms of market structure does a firm have no control over the price of its product?

    A
    Monopoly
    B
    Monopolistic competition
    C
    Oligopoly
    D
    Perfect competition

    • Similar Questions

    Explore conceptually related problems

    A monopolist firm has full control over price and demand for his product.

    A monopolist firm has full control over the price and demand for this product. Do you agree with the given statement?

    Explain the outcome of the following features of a perfectly competitive market (i) Freedom to the firm to enter the industry, (ii) Freedom to the firm to leave the industry.

    What is meant by a product being perfectly homogeneous? What is its implication for the price charge by producers in the market? OR In a perfectly competitive market, the buyers treat products of all the firms as homogeneous. Explain the significance of this feature.

    In which form of the market structure is the degree of control over the price of its product by a firm very large?

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