Individual firms in perfectly competitive industries decide what price to charge for their output and what quantity of output to produce.

Perfectly Competitive Industries

Markets where there are many buyers and sellers, products are homogeneous, and no single entity has the ability to influence prices.

Quantity Of Output

The total amount of goods or services produced by an individual, firm, industry, or entire economy in a given period.

Price To Charge

Price to Charge refers to the amount a business decides to set for its product or service, taking into account costs, competitive prices, and profit margins.