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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 April 3, 2020, 4:59 pm ad1c9bdddf
    https://brainmass.com/economics/applied-economics/competitive-market-139363

    Solution Preview

    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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