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Question
Who determines price under perfect competition?
Who determines price under perfect competition?
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Solution
The correct option is B Industry
Perfect competition refers to a market situation where there are a large number of buyers and sellers dealing in homogeneous products.
Under perfect competition, the buyers and sellers cannot influence the market price by increasing or decreasing their purchases or output, respectively.
The market price of products in perfect competition is determined by the industry.
Perfect competition refers to a market situation where there are a large number of buyers and sellers dealing in homogeneous products.
Under perfect competition, the buyers and sellers cannot influence the market price by increasing or decreasing their purchases or output, respectively.
The market price of products in perfect competition is determined by the industry.
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