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Unformatted text preview: x many firms, each small relative to overall size of the industry, producing homogenous (virtually identical) products x no firm is large enough to have any control over price x new competitors can freely enter and exit the market Competitive Firms are Price Takers x firms have no control over price x price is determined by market supply and demand Page 86...
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This note was uploaded on 12/29/2011 for the course ECO 311 taught by Professor Willis during the Fall '10 term at SUNY Stony Brook.
- Fall '10