Asked by Anonymous
If all firms in an industry are price-takers, then ______.
Answers
Answered by
economyst
then potentially a lot of things.
1) The industry is perfectly competitive (or nearly so)
2) Implying that no single firm has a "large" market share.
3) Implying that each firm in the industry produces a product that is not distinguished (different) than any other firm in the industry.
4) Alternatively, the price the firms must accept is highly regulated.
I hope this helps. Lotsa luck.
1) The industry is perfectly competitive (or nearly so)
2) Implying that no single firm has a "large" market share.
3) Implying that each firm in the industry produces a product that is not distinguished (different) than any other firm in the industry.
4) Alternatively, the price the firms must accept is highly regulated.
I hope this helps. Lotsa luck.
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