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प्रश्न
In a perfectly competitive market, how is the price of a commodity determined?
विकल्प
By each individual firm separately
By negotiation between a firm and its buyers
By the intersection of total market demand and total market supply
By the government’s fixed support price
MCQ
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उत्तर
By the intersection of total market demand and total market supply
Explanation:
Under perfect competition, the industry (all buyers and sellers together) determines the price where total market demand equals total market supply; individual firms only accept this price and cannot change it.
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