Asked by
Deshae Taylor
on Nov 05, 2024
Verified
Firms in imperfectly competitive industries are price takers.
Imperfectly Competitive
Describes markets where individual sellers have some control over the price of their products, unlike in perfect competition.
Price Takers
Firms or individuals who accept the market price as given and have no influence over it due to the competitive nature of the market.
- Recognize features of industries that do not exhibit perfect competition.
Verified Answer
SC
Learning Objectives
- Recognize features of industries that do not exhibit perfect competition.