Ask Question
BusinessBusiness
7 November, 13:36

In a perfectly competitive industry, influence over price is exerted by

a. the largest firms.

b. individual sellers.

c. the forces of supply and demand.

d. individual buyers.

+3
Answers (1)
  1. 7 November, 13:46
    0
    (C) the forces of supply and demand

    Explanation:

    In a perfectly competitive industry, no single buyer nor seller will be able to influence prices thus marking the forces of demand and supply (the invisible hand) the determinant of pricing. Each buyer or seller will only account for a minute portion of total demand and supply thus making their influence of market price insignificant.

    Options (A), (B) and (D) are incorrect as the largest firms, individual sellers and individual buyers do not influence pricing over price in a perfectly competitive market.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “In a perfectly competitive industry, influence over price is exerted by a. the largest firms. b. individual sellers. c. the forces of ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
What is authenticity in the often-used framework of quality criteria?
Answers (1)
As an employer wants to reduce the production cost during the economic recession, he/she could choose to (1) lay off some workers without changing wages or (2) keep all workers but cut wages for all. which method would you choose? why?
Answers (1)
For a sample of 54 discount brokers the average price of a $5,000 trade was $33.77 and the standard deviation was $15. Construct a 90% confidence interval and enter the upper bound for the interval.
Answers (1)
Which one of the following statements is true of specific identification? A. Flow of goods and flow of cost are the same. B. Ending inventory isn't associated with specific purchase prices. C. Low-cost items aren't used in this method. D.
Answers (1)
Which of the following statements accurately describes how costs and benefits are calculated?
Answers (1)
New Questions in Business
Fixed expenses: a. includes labor, raw materials, and commissions. b. can be estimated by taking into consideration the production. c. are incurred regardless of sales volume. d. must be linked to strategy in the business plan
Answers (1)
4) Which of the following is least likely to be your primary health care provider? a. an allergist b. an internist c. an obstetrician-gynecologist
Answers (1)
T/F A macroeconomist would be concerned with the following statement. "Two major hurricanes caused significant damage to the eastern seaboard and led to a fall in GDP and a rise in unemployment in the U. S. economy."
Answers (1)
At the beginning of the year, Mitchum Enterprises allows for estimated uncollectible accounts of $14,000. By the end ofthe year, actual bad debts total $15,000. Record the write-off to uncollectible accounts.
Answers (1)
Landor Appliance Corporation makes and sells electric fans. Each fan regularly sells for $40. The following cost data per fan is based on a full capacity of 155,000 fans produced each period.
Answers (1)
Home » Business » In a perfectly competitive industry, influence over price is exerted by a. the largest firms. b. individual sellers. c. the forces of supply and demand. d. individual buyers.
Sign Up Forgot Password?