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What does it mean to say that: A firm operating under perfect competition conditions is a price taker? Why Can't this firm set any price
What does it mean to say that: "A firm operating under perfect competition conditions is a price taker"?
Why Can't this firm set any price it chooses? What if it operates in a monopolistically competitive market, would it be able to set the price? Why? Give some real-life examples to support your answer.
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