Economics · Microeconomics
In a perfectly competitive market, how is the equilibrium market price determined?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1By the minimum average cost of production
- 2Directly by government regulations
- 3By the forces of aggregate market demand and aggregate market supply✓
- 4By the individual firm's profit maximization condition (MC = MR)
Correct answer
By the forces of aggregate market demand and aggregate market supply
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