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netineya [11]
2 years ago
13

In a perfectly competitive market: Group of answer choices every seller tries to distinguish itself by offering a better product

than its rivals every seller tries to undercut the prices charged by its rivals every sellet takes the price of its product as set by market conditions one seller has successfully outcompeted its rivals so no other sellers remain
Business
1 answer:
Aleks04 [339]2 years ago
8 0

Answer:

Every seller takes the price of its product as set by market conditions.

Explanation:

The correct answer is "every seller takes the price of its product as set by market conditions".

In a perfectly competitive market, the price is determined by the market condition such as demand and supply. Thus, the price will be set at the level where the demand and supply curve intersects. So at this point, the price determined is called the equilibrium price.

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In the North, if the price goes down by $0.40 per pound, then the quantity supplied in the North goes down by 600 pounds per yea
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Answer:

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