Decisions of the individual firm do not affect their price

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Firms operate in a market structure that approaches perfect competition typically are known as "price takers", i.e., the individual firm can only expect to get the price dictated by supply and demand conditions and the decisions of the individual firm do not affect their price. for example, an individual wheat producer cannot do anything to change the price as wheat is not differentiated and there are thousands of producers. If you were the manager of a large farm that produced wheat, what strategies could you employ to try to assure the financial health of the firm?

Reference no: EM131107695

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