When markets are competitive, firms accept the market price and will produce more, putting downward pressure on price until price is equal to each firm's marginal cost.
When you say someone is firm, you're implying that they act in a way that indicates they won't change their mind or that they are the one in charge. She needed to treat him firmly. A company that offers professional services is referred to as a firm. This can be a corporation, limited liability company (LLC), or partnership. The total number of buyers and sellers in a given market or region is referred to as the market. The region can be the entire planet, as well as certain states, provinces, or cities. Items traded are valued, cost, and priced in accordance with market forces of supply and demand.
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