By what is the price of a seller's product in perfect competition determined?

Question

Quizplus · Accepted Answer

In perfect competition, the price of a seller's product is determined by the market demand and market supply. This means that the price is influenced by the collective actions of all buyers and sellers in the market, not just the individual seller or demander. In a perfectly competitive market, no single buyer or seller has the power to influence the market price, which is determined solely by market forces. Therefore, option C is the correct answer.

By What Is the Price of a Seller's Product in Perfect