Economy, asked by anumrethyunjayan78, 6 months ago

What is price determination under perfect competition? Plss answer

Answers

Answered by AmruthaGowda3811

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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