Please provide steps by step answer with proper explanation with final answer..... In a perfectly competitive market, the price of aproduct is determined by:a. The governmentb. Individual firmsc. Market supply and demandd. Large corporations

In a perfectly competitive market, no single buyer or seller has the power to influence the market…

Answered: In a perfectly competitive market, the…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter24: Perfect Competition

Section: Chapter Questions

Problem 7E

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In a perfectly competitive market, the price of a product is determined by: a. The government b. Individual firms c. Market supply and demand d. Large corporations