If a firm has at least some control over the price of its product, then the firm cannot be in Pure/Perfect competition market model.
The term "perfect competition" describes a hypothetical form of market organization. There are no monopolies in a perfect competition model. Notable features of this architectural style include:
- All companies offer the same product (the product is a commodity or service).
- Every company is a "price taker" (they cannot influence the market price of their products).
- Profit margins are immune to changes in market share.
- Customers are aware of everything there is to know about the product being sold and the prices charged by each company, both historically and going forward.
- Labor and capital are freely available and can be relocated to wherever they are needed.
- Neither entering nor leaving the market will incur any expenses for the firms involved.
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