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1 April, 16:33

The price of a seller's product in perfect competition is determined by (A) a few of the sellers. (B) market demand and market supply. (C) the individual demander. (D) the individual seller.

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  1. 1 April, 17:24
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    Answer: Option B

    Explanation: A perfect competition market structure is the one in which there are several number of buyers and sellers having complete knowledge and operating at a small level.

    Several buyers and sellers in a single market makes it impossible for an individual to affect the price on its own and every participant have to accept the price determined by market forces of supply and demand.

    Thus, option A is correct.
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