CA Foundation Exam > CA Foundation Videos > Business Economics for CA Foundation > Price determination in Perfect Market, Economics
Price determination in Perfect Market, Economics Video Lecture | Business Economics for CA Foundation
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FAQs on Price determination in Perfect Market, Economics Video Lecture - Business Economics for CA Foundation
| 1. What is a perfect market in economics? |  |
Ans. A perfect market is a theoretical concept in economics that represents a market situation where there is perfect competition, perfect information, homogeneous products, no barriers to entry or exit, and where all buyers and sellers have perfect knowledge about prices and quantities.
| 2. How is price determined in a perfect market? | |
Ans. In a perfect market, price is determined by the equilibrium point where the demand and supply curves intersect. At this point, the quantity demanded by buyers is equal to the quantity supplied by sellers, resulting in an equilibrium price. Any deviation from this equilibrium price will lead to either excess demand or excess supply, creating price adjustments in the market.
| 3. What are the factors that can affect price determination in a perfect market? | |
Ans. Several factors can affect price determination in a perfect market, including changes in demand and supply, production costs, technological advancements, government regulations, and market competition. Any change in these factors can shift the demand or supply curve, leading to changes in the equilibrium price.
| 4. How does perfect competition impact price determination in a perfect market? | |
Ans. Perfect competition in a perfect market ensures that no individual buyer or seller has the power to influence the market price. In a perfectly competitive market, there are numerous buyers and sellers, and each operates independently. As a result, the market price is determined solely by the forces of demand and supply, without any external interference.
| 5. What are the advantages of price determination in a perfect market? | |
Ans. Price determination in a perfect market offers several advantages, including allocative efficiency, consumer welfare, and productive efficiency. Allocative efficiency ensures that resources are allocated to their most valued uses, while consumer welfare is enhanced as prices are determined by market forces rather than individual entities. Additionally, productive efficiency is achieved as firms strive to minimize costs and maximize productivity in a competitive environment.
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Nov 16, 2024 Last updated |
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