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Economics

In perfect competition, according to theory, all suppliers or consumers are price takers. In practice firms like Purdue Farms (chicken) or Jimmy Dean (sausage) bring a higher price than other brands. Why doesn’t economic theory apply to these organizations? How are these organizations and others like them able to demand, and receive a price higher than the equilibrium price?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91835035

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