-In Figure 26.1, the price under perfect competition is

Question

Quizplus · Accepted Answer

Under perfect competition, the price is determined at the equilibrium point where the supply and demand curves intersect. This point is typically labeled with coordinates, and the price under perfect competition would be represented by a specific value or label on the diagram, not by a letter or an undefined symbol. Option C, despite its unusual representation, is chosen as the correct answer by default, as the other options do not conventionally represent prices in economic diagrams.