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Explain in detail Price determination under perfect competition?
Wiki User
∙ 15y ago
Price under perfect competition is determined by the forces of demand and supply of the industry. The price once fixed up by the industry is taken up by all the firms and the firm can sell any number of units at hat price.=The firm may earn normal profits, super normal profits in the short run whereas it earns normal profits in the long run.=
Wiki User
∙ 15y ago
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