Explain why in a perfectly competitive market, the firm is a price taker. Why can’t the firm choose the price at which it sells its good? Table 1 shows the demand schedule for Lin’s Fortune Cookies....

Explain why in a perfectly competitive market, the firm is a price taker. Why

can’t the firm choose the price at which it sells its good?

Table 1 shows the demand schedule for Lin’s Fortune Cookies. Calculate

Lin’s marginal revenue for each quantity demanded. Compare Lin’s marginal revenue and price. In what type of market does Lin’s Fortune Cookies

operate?