+3 votes
in Class 12 by kratos

Defend or refute the statement. Write ‘yes’ or ‘no’ with reason:

Under perfect competition, equilibrium price is determined by the forces of market demand and market supply.

1 Answer

+3 votes
by kratos
 
Best answer

Yes. Under perfect competition, equilibrium price is determined at the point of intersection of market demand and market supply. An individual firm cannot change it.

...