Economics · Microeconomics
Under perfect competition, how is the market price of a commodity determined?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Solely by individual buyers
- 2Directly by the government
- 3By the forces of market demand and supply in the industry✓
- 4By an individual firm
Correct answer
By the forces of market demand and supply in the industry
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