Question

Explain how price is determined in a perfectly competitive market with fixed number of forms ?​

Answer 1

hey mate here is your answer.

✔When the number of firms in a perfectly competitive market is fixed, the firms are operating in the short-run.

✔The equilibrium price is determined by the intersection of market demand curve and supply curve. It is the price at which the market demand equals market supply.

Answer 2

HEY MATE✌️✌️

Q>Explain how price is determined in a perfectly competitive market with fixed number of forms ?

ANSWER-------------------------------

In a perfectly competitive market ,equilibrium price determined by the forces of market demand and market supply . Market demand refers to the sum total of demand for a commodity by all the buyers in the market .Whereas market supply refers to the sum total of Supply of a commodity by all the forms in the market .

HOPE THIS HELPS YOU ☺️