In Perfect Competition, the Price of the Product Is Determined

question 325

Multiple Choice

In perfect competition, the price of the product is determined where the market

• A) elasticity of supply equals the market elasticity of demand.
• B) supply curve and market demand curve intersect.
• C) average variable cost equals the market average total cost.
• D) fixed cost is zero.

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Definitions:

Top Predator

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energy in a system or object that is not being used and can be released to do work; also known as potential energy.

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The total amount of goods and services produced by a country or an organization in one year.

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