CBSE BOARD XII, asked by ashishgandhi034, 11 months ago

Explain determination of Equilibrium price under perfect competition....Is this correct????

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Answered by vimalkumarvishawkarm

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In perfect competition, the price of a product is determined at a point at which the demand and supply curve intersect each other. This point is known as equilibrium point as well as the price is known as equilibrium price. In addition, at this point, the quantity demanded and supplied is called equilibrium quantity.

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