Firms in perfectly competitive markets are considered price takers because they do not set the price of their goods and services.
What is a price taker?
This refers to a supplier who does not set the price at which they sell their own goods and services but rather takes the price set by the market.
Perfectly competitive markets are like this because suppliers have to face a lot of competition.
Find out more on price takers at https://brainly.com/question/15416827.
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