Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Which of the following is a reason why firms in a perfectly competitive market have no influence over price? Buyers and sellers lack perfect information

Which of the following is a reason why firms in a perfectly competitive market have no influence over price? Buyers and sellers lack perfect information about the product and pricing. All firms in the market sell identical products. There are many sellers that produce similar, but not identical, products. Barriers exist to enter the market

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Economics questions

Question

4 How do you see the future of integrative approaches to coaching?

Answered: 1 week ago