The price of a seller's product in perfect competition is determined by
A)the individual seller.
B)a few of the sellers.
C)market demand and market supply.
D)the individual demander.

Question

Quizplus · Accepted Answer

In a perfectly competitive market, the price is determined by the intersection of market demand and market supply. No individual seller has the power to influence the price, as there are numerous buyers and sellers in the market. Therefore, choice C is correct, while the other options are incorrect.

The Price of a Seller's Product in Perfect Competition Is