In perfect competitive market, price is determined by demand and supply forces which is termed as 'Price determination by industry under perfect competition.' i.e., in perfect competition, price is determined by the industry.
In perfect competition, price determined by the industry is accepted by the every firm.i.e. in perfect competition, every firm in the industry is price-taker.
In perfect competition, the individual firm may not alter the price, determined by the industry. Firm can only adjust the quantity produced at the price taken from the industry.
