What are the key functions of the equilibrium price in a perfectly competitive market?
What will be an ideal response?
There are three key functions of equilibrium price in a perfectly competitive market. They are:
a) The equilibrium price efficiently allocates scarce resources to market participants.
b) The equilibrium price efficiently allocates the production of goods within an industry.
c) The equilibrium price efficiently allocates scarce resources across industries.
Economics
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a. True b. False Indicate whether the statement is true or false
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