In a competitive market, _______ is the price maker.
Industry
The correct answer is option 3. In a competitive market, the industry is the price maker. The prices in a competitive market are determined by the aggregate supply and demand in the industry, rather than by any individual firm or consumer. Firms in a competitive market are price takers, meaning they accept the market price as given.
Similar Questions
Under the oligopoly market, according to __________, each producer can always lower the price until the price becomes equal to the cost of production.
Because of price rigidity, firms under oligopoly face a ____ demand curve.
______ may be defined as a market situation in which market price is largely determined by the forces of total demand and total supply in the market.
Under ____ the cross elasticity of demand between the product of the firm and that of other commodity in the market is zero.
Under which market condition does the firm make only normal profit in the long run?
Important Questions from Markets
Under the oligopoly market, according to __________, each producer can always lower the price until the price becomes equal to the cost of production.
Because of price rigidity, firms under oligopoly face a ____ demand curve.
______ may be defined as a market situation in which market price is largely determined by the forces of total demand and total supply in the market.
Under ____ the cross elasticity of demand between the product of the firm and that of other commodity in the market is zero.
State one limitation of the operation of a supermarket.
