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In a perfectly competitive market, who typically determines the price of a product?
  • a)
    The government
  • b)
    Individual producers
  • c)
    Consumers
  • d)
    Supply and demand
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
In a perfectly competitive market, who typically determines the price ...
In a perfectly competitive market, the price of a product is typically determined by the forces of supply and demand. Individual producers have no control over the price, and the government's intervention is minimal.
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In a perfectly competitive market, who typically determines the price of a product?a)The governmentb)Individual producersc)Consumersd)Supply and demandCorrect answer is option 'D'. Can you explain this answer?
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