Price Uniformity in Perfect Competition

Answered using GPT-4o mini by AI Answer Generator

Question:

In a perfectly competitive market, each firm sells at:

one of two price levels. one of several price levels. the same price. a unique price.

Answer:

In a perfectly competitive market, each firm sells at the same price. This is because there are many firms selling identical products, and no single firm has the power to influence the market price. The price is determined by the overall supply and demand in the market.