In an environment of perfect competition,external influences ensure that the market will arrive at an equilibrium point at which both buyers and sellers are satisfied.

Question

Quizplus · Accepted Answer

In perfect competition, it is the interaction of supply and demand, without external influences, that ensures the market arrives at an equilibrium point where no buyer or seller has the power to influence prices, leading to a situation where both can be satisfied with the market outcome.

In an Environment of Perfect Competition,external Influences Ensure That the Market