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In perfect competition, a firm:
Determines price
Obtains price
Both (a) and (b)
None of these
- In perfect competition, a firm cannot determine the price it charges for its output.
- Prices are determined by the market as a whole, due to many firms selling identical products.
- Each firm is a price taker, meaning it accepts the prevailing market price.
- Option 2: Obtains price - This is correct. Firms take the market price as given.
- Option 1: Determines price - Incorrect; firms do not control the price.
- Option 3: Both (a) and (b) - Incorrect; firms only obtain the price.
- Option 4: None of these - Incorrect; the correct scenario is described in Option 2.
By: santosh ProfileResourcesReport error
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