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Price is constant to the individual firm selling in a purely competitive market because each seller supplies a negligible fraction of the total supply.
A hypothetical market system is referred to as perfect competition. There are no monopolies under a scenario of perfect competition. A few essential traits of this type of structure include:
- All businesses sell the same thing (the product is a commodity or homogeneous).
- Every company is a price taker (they cannot influence the market price of their products).
- Price changes are unaffected by market share.
- Buyers have complete or perfect knowledge of the product being offered and the prices each company is asking (in the past, present, and future).
- Labor and capital resources are completely mobile.
- Companies are not charged to enter or leave the market.
Hence, the price is constant to the individual firm selling in a purely competitive market because each seller supplies a negligible fraction of the total supply.
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Price is constant or given to the individual firm selling in a purely competitive market because : each seller supplies a negligible fraction of the total supply.
A competitive person is eager to be more successful than other people. He has always been ambitious and fiercely competitive. Synonyms: ambitious, pushing, opposing, etc.
Competitive people are usually the ones that have found something they care about deeply. They are good at finding a reason to care about what they're doing. They realize that they might not start out good at something, but they find a reason to practice and become better.
An example of competitive is the process in which major league baseball teams play against each other. An example of a competitive is a student who wants to be number one in her class.
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