The price charged by a perfectly competitive firm is determined by:
a. the firm's demand curve alone.
b. the firm's cost curves alone.
c. market demand and market supply together.
d. market demand alone.
e. market supply alone.

Question

30-11-2022
Business

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The price charged by a perfectly competitive firm is determined by:
a. the firm's demand curve alone.
b. the firm's cost curves alone.
c. market demand and market supply together.
d. market demand alone.
e. market supply alone.

Respuesta :

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shomerajeshwari90 shomerajeshwari90 · Answer 1 · 2022-12-02T20:20:21+01:00

The price charged by a perfectly competitive firm is determined by both market demand and market supply together. So, option (C), is the correct option.

The total of all individual commodity demands made by buyers in the market is known as market demand. The market demand at every cost price will rise if more customers arrive in the marketplace and have the ability to purchase goods that are on offer. The overall demand of all customers together defines the market demand for a good at a certain market rates. The separate demand curves can be used to determine the commodity's market demand. It can also be calculated from the graphic representation of the various demand curves by adding together the various demand curves.

In a perfectly competitive firm, the price of commodities are determined on the basis of market demand and supply.

Learn more about market demand here:

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The price charged by a perfectly competitive firm is determined by: a. the firm's demand curve alone. b. the firm's cost curves alone. c. market demand and market supply together. d. market demand alone. e. market supply alone.

Respuesta :

Otras preguntas

The price charged by a perfectly competitive firm is determined by:
a. the firm's demand curve alone.
b. the firm's cost curves alone.
c. market demand and market supply together.
d. market demand alone.
e. market supply alone.