MICROECONOMICS CH : 12 FORMS OF MARKET: PERFECT COMPETITION — Economics STD 11 Commerce — Question

Because a firm under perfect competition can sell whatever amount it wishes to sell at the existing price. It only has to adjust its output and supply; there is no price war or price competition in the market. Also, there is no commodity competition because all producers of a commodity are selling only homogeneous product; there is no product differentiation.