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See both individual buyers and sellers in perfect competition. The price of the product is determined by industry with the forces of demand and supply. Can influence the market price by joining with a few of their competitors. B can influence the market price by joining with a few of their competitors. Read also buyers and both individual buyers and sellers in perfect competition Both individual buyers and sellers in perfect competition a Can influence the from BE 301 at University of Kansas.
28Get the detailed answer. The model of perfect competition is based on the following assumptions.
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The industry or market includes a large number of firms and buyers so that each individual firm however large supplies only.
Get more help from Chegg. 2 Perfect competition refers to a market situation in which there are large number of buyers and sellers of homogeneous products. Both buyers and sellers are price takers in a perfectly competitive market because A the price is determined by government intervention and dictated to buyers and sellers. Can influence the market price by their own individual actions B. An individual seller in perfect competition will not sell at a price higher than the market price because. B each buyer and seller knows it is illegal to conspire to affect price.
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