It is said that in a perfectly competitive market, raising the price of a firm's product from the prevailing market price of $179.00 to $199.00, _____________________. Group of answer choices will cause the firm to recover some of its opportunity costs will likely cause the firm to reach its shutdown point immediately is a sure sign the firm is raising the given price in the market could likely result in a notable loss of sales to competitors

Explanation: A perfectly competitive firm uses the prevailing market price to value it's products. This is because firms in this type of market can increase their revenue at a steadily pace when using this market price, as they produces a higher quantity of output. And since a firm in a perfectly competitive market can only use the market price to value it's products so they can generate profits, they cannot set their own prices.

If firms decide to charge prices that are higher than the market price, odds are they will face losses as customers will not be willing to pay more than the market price for this products. And because this market is usually saturated, customers will easily find alternatives for that product, resulting in losses for the firms who have charged their own prices.