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Perfect Competition & Supply · Question 3 of 52

Question 3

MediumOriginal question

Under perfect competition, the price of a good is set by

Options for question 3

Show the answer and explanation
CorrectNot quiteAnswer A

Correct answer: A

Explanation

  1. The industry's demand and supply fix the price; each firm then sells at that price.

Concept
Who sets the price
Typical time
70 s
Your time
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The rule this testsFeatures of perfect competition
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Ten questions from Perfect Competition & Supply, at your own pace.

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