The market price for any good or service sold in a perfectly competitive market is determined by

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In a perfectly competitive market, there are many buyers and sellers with no single entity having control over the market. The price is thus determined by the intersection of supply and demand, where the quantity of the good or service demanded by buyers equals the quantity supplied by sellers. This is known as the market equilibrium price, and it is the price at which transactions take place in the market.

The Market Price for Any Good or Service Sold in a Perfectly