The equilibrium point in a competitive market exists at the point of optimal market efficiency.
<h3>What is competitive market?</h3>
A competitive market exists a term in economics that guides to a marketplace where there exist a large number of buyers and sellers and no single buyer or seller can influence the market. Competitive markets have no obstacles to entry, lots of buyers and sellers, and homogeneous products.
In economics, especially general equilibrium theory, A perfect market also understood as an atomistic market, is determined by several idealizing requirements, collectively anointed perfect competition or atomistic competition.
No, the monopoly can never be additional efficient than the perfectly competitive market because the competitive market exists at the point of optimal market efficiency and the monopoly will deliver at the point where the MR and the MC stand equal. here the market has the excess capability and a dead weight loss.
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It will take me at least or approximately 7 months to accumulate a balance of $1000 in my account
The market supply curve represents the sum of the quantities supplied by all the sellers at each price of the good.
<h3>What is the market supply curve?</h3>
The market supply curve is the sum of the individual supply curves of firms. The individual supply curves are added horizontally. The supply curve sloped upward. This shows that there is a positive relationship between price and quantity supplied.
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