Why do firms in perfectly competitive markets have no control over the price of their products? ...

(Answer to Q. 1)  Firms in competitive markets are price takers, because all firms in the market
produce identical products and each firm is small relative to the size of the market. Raising prices above this price would result in losing all its sales because consumers perceive the products to be identical. Setting a price below this level would not increase the number of consumers but only result in a decline in revenue.

(Answer to Q. 2)  a) Both perfect competition and perfect price discrimination create efficiency.
b) Consumers receive consumer surplus with perfect competition. However, there is no consumer surplus with perfect price discrimination.
c) Perfectly competitive firms cannot make an economic profit in the long run. A perfectly price discriminating monopoly makes the maximum amount of economic profit.

(Answer to Q. 3)  Every household must make three basic decisions: (1) how much of each product, or output, todemand; (2) how much labor to supply; and (3) how much to spend today and how much tosave for the future.

(Answer to Q. 4)  Efficiency has nothing to do with who gets the surpluses; that is, efficiency has nothing to do with whether the consumer surplus (or producer surplus) is large or small. Instead, a market is efficient as long as there is no deadweight loss. Because there is no deadweight loss with perfect price discrimination, even though the amount of consumer surplus is as small as possiblezeroand the producer surplus is as large as possible, nonetheless the market is efficient.

(Answer to Q. 5)  The market demand curve for a good can be found by summing the quantities demanded by all of the households buying in the market for that good. Since all individuals' demand curves are downward sloping (due to the law of demand), the market demand curve will also be downward sloping. Therefore, the law of demand does apply to the market demand curve as well.

(Answer to Q. 6)  Perfect price discrimination occurs if a firm is able to sell each unit of output for the highest price anyone is willing to pay for it. With perfect price discrimination, output increases to the point at which price, and hence marginal benefit, equals marginal cost. So perfect price discrimination achieves efficiency.

(Answer to Q. 7)  The consumer surplus in a perfect competition is larger than the consumer surplus in a single-price monopoly. And, the consumer surplus in a single-price monopoly is larger than that with a price-discriminating monopoly. Indeed, for a monopoly able to perfectly price discriminate, there is no consumer surplus.

(Answer to Q. 8)  Price discrimination helps businesses capture more consumer surplus and hence increase their economic profit. Basically the firm charges more to people who are willing to pay more. For a public college, out-of-state students will likely have a higher willingness to pay for attending that college because, by leaving their home state, they are demonstrating that they truly want to attend the college. If the college charged in-state residents the same tuition as out-of-state residents, the college would miss the chance to maximize revenue from each group. Charging in-state residents the same high price as out-of-state residents would lead to a massive drop in quantity demanded and thus lower total revenue. By separating their customers based on differing demand conditions, the college earns more total revenue.

(Answer to Q. 9)  Wealth, or net worth, is the total value of what an entity owns minus what it owes. It is a stock measure because wealth is measured at a given point in time. Income is the sum of all wages, salaries, profits, interest and other forms of earnings for an entity over a given period of time. Because it is measured over a period of time, it is a flow measure.

(Answer to Q. 10)  It is assumed that households possess knowledge of the qualities and prices of all goods available in the market and that firms have all available information concerning wage rates, capital costs, and output prices.

I can see it now, thanks for clarifying

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