Question

What is Usual price?

Answer 1

A price that reflects the lowest possible average of the total cost of production with normal profit taken into consideration.

Answer 2

Answer:

                                         Usual Price:

• A price which is the possible lowest average value of the total production cost with the profit which is normal is considered is called as usual price.
• In perfect competitive market, if there is interaction of demand and supply, then equilibrium price is determined. This is also known as normal price.
• In perfect competitive market, if there is interaction of demand and supply, then equilibrium price is determined. This is called usual price.