In a perfectly competitive market, firms are considered _____ because they have no control over the market price and must accept it as given.

In a perfectly competitive market, firms are considered "price takers" because they cannot influence the market price of their products. This means that each firm must accept the price determined by the overall supply and demand in the market. For example, if many farmers grow wheat, they all sell it at the same market price set by how much wheat is available and how many people want to buy it. If one farmer tries to charge more than the market price, customers will simply buy from other farmers who sell at the lower price. So, in this type of market, individual firms have to adapt to the price rather than trying to set it themselves.