Business Studies, asked by sharath8147720015, 1 year ago

State how price is determined under perfect competition

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Answered by Anonymous

2

Hlo Mate,
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 equilibriumprice. In addition, at this point, the quantity demanded and supplied is called equilibrium quantity.

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