Question

how is price determined under perfect competition? find the equilibrium price and quantity for the market wherein qs=-20+3p qd=220-5p

Answer 1

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Answer 2

Perfect competition is a type of market structure with many buyers and many sellers, this is where the consumers are not narrowed down to one seller and neither is the seller narrowed down to one buyer, the price is determined by bargaining whereby there is a mutual negotiation between the buyer and the seller, they will reach an agreed amount before the end of the transaction.