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A Firm in a Perfectly Competitive Market Has No Control

question 79

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A firm in a perfectly competitive market has no control over price because:


Definitions:

Energy

The capacity to do work; expressed in kilojoules or kilocalories.

Irreplaceable

Something that cannot be replaced or substituted because of its unique qualities or significance.

Free Energy Change

A measure in thermodynamics indicating the amount of energy in a system that is available for work during a chemical reaction.

Endergonic Reactions

Chemical reactions that absorb energy from their surroundings, typically requiring an input of energy to proceed.

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