Homework Answers
The Correct Answer of the question is the second one that is "Firms have some degree of control over the prices".
Explanation - in a competitive market, there is a large number of sellers selling similar kind of products or homogeneous products. Since the population of sellers is in numbers, they have no control over the price as buyers always have the option to go somewhere else to buy the same kind of product. Therefore if a particular buyer tries to influence the price by making it more, he/she could lose his profit and consumers.
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