State whether the following statement is TRUE and FALSE.Under perfect

1.	State whether the following statement is TRUE and FALSE.Under perfect competition, price is determined by equilibrium of demand and supply.OptionsTrueFalse
Answer» True Under perfect competition, each firm is a price taker, while the industry is a price maker. In the industry, the market price is determined by the intersection of the supply and demand curves.

State whether the following statement is TRUE and FALSE.Under perfect competition, price is determined by equilibrium of demand and supply.OptionsTrueFalse

Answer»

True

Under perfect competition, each firm is a price taker, while the industry is a price maker. In the industry, the market price is determined by the intersection of the supply and demand curves.

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State whether the following statement is TRUE and FALSE.Under perfect competition, price is determined by equilibrium of demand and supply.OptionsTrueFalse

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