Question

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Answer 1

Answer:

Price determination under perfect competition is a market structure characterized by a complete absence of rivalry among the individual firms. Industry only decides the price of the goods. sellers and buyers cannot decide the price. It means the forces of supply and demand determine the determine the price of the good.

Answer 2

Answer:

Price determination under perfect competition is a market structure characterized by a complete absence of rivalry among the individual firms. Industry only decides the price of the goods. sellers and buyers cannot decide the price. It means the forces of supply and demand determine the determine the price of the good.