Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
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Question
Chapter 9, Problem 11AA
To determine
To state: Control a single seller exerts on the market
Expert Solution & Answer
Answer to Problem 11AA
In a perfect competition, seller does not exert any influence on the market price
Explanation of Solution
In a perfect competition market, sellers are price takers which means they have to accept the prices determined by the market forces to sell their products and allied services.
Since there are large number of buyers and sellers in a perfect market, any slight change in the price by the sellers will result in them losing customers and will negatively impact their sales.
Therefore, it is nearly impossible for sellers to exert any influence on the market prices in a perfect competition market. The
Economics Concept Introduction
Introduction: In a perfect competition market, sellers are price takers and not price makers.
Chapter 9 Solutions
Economics Today and Tomorrow, Student Edition
Ch. 9.1 - Prob. 1RCh. 9.1 - Prob. 2RCh. 9.1 - Prob. 3RCh. 9.1 - Prob. 4RCh. 9.1 - Prob. 5RCh. 9.1 - Prob. 6RCh. 9.2 - Prob. 1RCh. 9.2 - Prob. 2RCh. 9.2 - Prob. 3RCh. 9.2 - Prob. 4R
Ch. 9.2 - Prob. 5RCh. 9.3 - Prob. 1RCh. 9.3 - Prob. 2RCh. 9.3 - Prob. 3RCh. 9.3 - Prob. 4RCh. 9 - Prob. 1AACh. 9 - Prob. 2AACh. 9 - Prob. 3AACh. 9 - Prob. 4AACh. 9 - Prob. 5AACh. 9 - Prob. 6AACh. 9 - Prob. 7AACh. 9 - Prob. 8AACh. 9 - Prob. 9AACh. 9 - Prob. 10AACh. 9 - Prob. 11AACh. 9 - Prob. 12AACh. 9 - Prob. 13AACh. 9 - Prob. 14AACh. 9 - Prob. 15AACh. 9 - Prob. 16AACh. 9 - Prob. 17AACh. 9 - Prob. 18AACh. 9 - Prob. 19AACh. 9 - Prob. 20AACh. 9 - Prob. 21AACh. 9 - Prob. 22AACh. 9 - Prob. 23AACh. 9 - Prob. 24AA
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