GENERAL KNOWLEDGE

IN A PERFECT COMPETITION, THE MARKET PRICE IS DETERMINED BY

  • A. the government
  • B. the producer
  • C. the consumer
  • D. the market supply and demand junctions ✓

 

The answer to the question is: D. the market supply and demand junctions

In a perfect competition, the market price is determined by the market supply and demand junctions. In a perfect competition, there are many buyers and sellers in the market, and no single buyer or seller can influence the market price. The price is determined by the intersection of the market supply and demand curves, where the quantity of a good that producers are willing to supply equals the quantity that consumers are willing to buy at a specific price. This equilibrium price is where the market clears, meaning that all goods produced are sold, and there is no excess supply or demand.

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