Economy, asked by sujaysahu115, 8 months ago

price under oerfect compitition is determined by the

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Answered by Anonymous

Answer:

There is one market price in perfect competition firms can't charge different prices as they are selling identical products. In perfect competition the firms and sellers are price takers. The price in perfect competition is determined by market forces which is demand and supply.

Answered by vinayakvnair

Answer:

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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