Economy, asked by ranjitxinha, 1 month ago

how price is determined in a perfectly competitive market is affected when supply remaining the same but demand changes. Use diagram​

Answers

Answered by nasadream99
1

Price is determined by the intersection of market demand and market supply; individual firms do not have any influence on the market price in perfect competition. Once the market price has been determined by market supply and demand forces, individual firms become price takers.

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