Question

what is perfect competition ? , explain price determination under perfect competition.​

Answer 1

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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Answer 2

Explanation:

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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