If a firm has at least some control over the price of its product, then the firm cannot be in which market model?

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02-08-2022
Business

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If a firm has at least some control over the price of its product, then the firm cannot be in which market model?

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Tripatsingh039idn Tripatsingh039idn · Answer 1 · 2022-08-10T14:18:33-04:00

If a firm has at least some control over the price of its product, then the firm cannot be in Pure/Perfect competition market model.

The term "perfect competition" describes a hypothetical form of market organization. There are no monopolies in a perfect competition model. Notable features of this architectural style include:

All companies offer the same product (the product is a commodity or service).
Every company is a "price taker" (they cannot influence the market price of their products).
Profit margins are immune to changes in market share.
Customers are aware of everything there is to know about the product being sold and the prices charged by each company, both historically and going forward.
Labor and capital are freely available and can be relocated to wherever they are needed.
Neither entering nor leaving the market will incur any expenses for the firms involved.

To know more about perfect/ pure competition refer to:

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