Question

the equilibrium price in a perfectly competitive market is estsblished by which of the following​

Answer 1

Explanation:

perfectly competitive market is one in which the number of buyers and sellers is very large, all engaged in buying and selling a homogeneous product without any artificial restrictions and possessing perfect knowledge of market at a time.

There are two parties which bargain in such a market, the buyers and the sellers. It is only when they agree; a commodity can be bought and sold at a certain price. Thus product pricing is influenced both by buyers and sellers, which is by demand and supply.perfectly competitive market is one in which the number of buyers and sellers is very large, all engaged in buying and selling a homogeneous product without any artificial restrictions and possessing perfect knowledge of market at a time.

There are two parties which bargain in such a market, the buyers and the sellers. It is only when they agree; a commodity can be bought and sold at a certain price. Thus product pricing is influenced both by buyers and sellers, which is by demand and supply.perfectly competitive market is one in which the number of buyers and sellers is very large, all engaged in buying and selling a homogeneous product without any artificial restrictions and possessing perfect knowledge of market at a time.

There are two parties which bargain in such a market, the buyers and the sellers. It is only when they agree; a commodity can be bought and sold at a certain price. Thus product pricing is influenced both by buyers and sellers, which is by demand and supply.