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Question Practice

What is the consequence of firms being price takers in perfect competition?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 12
Economics
Introductory Microeconomics
The Theory Of The Firm Under P...
Question Bank

What is the consequence of fir...

Single Answer MCQ
Q-00089477

What is the consequence of firms being price takers in perfect competition?

1

Firms can increase their prices without losing sales

2

Firms develop brand loyalty

3

Firms are subject to market prices

4

Firms can restrict output to raise prices

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Q1.

Which of the following is NOT a characteristic of perfect competition?

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Q2.

What does 'free entry and exit' imply in a perfectly competitive market?

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Q3.

In a perfectly competitive market, what is the behavior of consumers?

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Q4.

What ensures that firms in perfect competition produce identical products?

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