![]() ![]() A firm that raised its price even a little above the going rate would lose customers. Because the products are very similar and each firm contributes only a small amount to the total quantity supplied by the industry, price is determined by supply and demand. ![]() In a perfectly competitive market, firms sell their products at prices determined solely by forces beyond their control. Steel, automobiles, airlines, aircraft manufacturers Utilities such as gas, water, cable television
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |