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.
B
Economics
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On a linear demand curve, demand is ________ at large quantities than it is at the middle of the demand curve.
A. more elastic B. less elastic C. equally elastic D. There is insufficient information in the question.
Economics
In efficient markets, profit opportunities are quickly eliminated as they develop.
Answer the following statement true (T) or false (F)
Economics