Which of the following best summarizes why a firm in a perfectly competitive market will not increase its product price?

A. Asking a price lower than the market price would be futile because consumers could substitute with other perfectly identical products.
B. Asking a price equal to the market price would be futile because consumers could substitute with other perfectly identical products.
C. Asking a price higher than the market price would be futile because consumers could substitute with other perfectly identical products.
D. Asking a price higher than the market price would be advantageous because consumers could substitute with other perfectly identical products.

Perfectly competitive firms operate in a market where they cannot set prices but must accept the market price determined by demand and supply. Due to the identical nature of products and complete consumer information, firms cannot charge above or below the market price without losing business to competitors. This results in price-taking behavior and prevents firms from increasing prices to seek higher profits.

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