Answer: If we sell a product in a perfectly competitive market, then we are bound by the same rule with which most firm operate.
∴ Even if we are not happy with its price, we would not raise the price, even by a cent. This is because , in a perfect competitive market there are several sellers selling the same commodity and since they are the "price taker", they will not be able to comprehend a price change in the commodity as it will lead to decrease in their consumer. i.e. Here consumer will prefer other sellers over that firm.
