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Competitive Market

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In a perfectly competitive market, individual firms can not impact the market price of their good or service.
True
False

© BrainMass Inc. brainmass.com September 18, 2018, 9:37 pm ad1c9bdddf - https://brainmass.com/economics/applied-economics/competitive-market-139363

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Answer: True

In a perfectly competitive market there are a very large number of firms producing a standardized product (for example, wheat or peanuts). ...

Solution Summary

This solution addresses if in a perfectly competitive market individual firms can impact the market price of their good or service.

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