“Under conditions of perfect competition, the price at which any given product will be supplied and purchased is the price that will result in the supply and the demand being equal.” This statement is known as the:

“Under conditions of perfect competition, the price at which any given product will be supplied and purchased is the price that will result in the supply and the demand being equal.” This statement is known as the: Correct Answer Law of supply and demand

Bissoy MCQ

Related Questions

When demand for a factory's products is high, more money is spent at the factory for safety precautions and machinery maintenance than demand is low. Thus the average number of on-the-job accidents per employee each month should be bower during periods when demand is high than when demand is low and less money is available for safety precautions and machinery maintenance. Which of the following,if true about a factory when demand for its product is high casts the most serious doubt on the conclusion drawn above?
A ______ is a market situation where economies of scale are so significant that cost are only minimized when the entire output of an industry is supplied by a single producer so that the supply costs are lower under monopoly that under perfect competition.
when demand for factory's products is high . more money is spent at the factory for safety precautions and machinery maintenance than when demand is low. thus the average number of on -the-job accidents per employee each month should be lower during perids when demand is high than when demand is low and less money is available for safety precautions and machinery maintenance .when demand for its products is high, casts the most serious doubt on the conclusion drawn above?
Assume that the price of product Y decreases by 5% and the quantity supplied decreases by 2%. The coefficient of price elasticity of supply for product Y is:
Halim purchased brand A pen for Taka 200 each and brand B per for Taka 100 each. If he purchased a total of 8 of these pens for Taka 1,200 how many pens of brand A did he purchased ?
Druing a special promotion, a certain filling station is offering a 10% discount on gas purchased after the first the first 10 gallons. If Kim purchased 20 gallons of gas, and Zeni purchased 25 gallons of gas, then Zeni's total per-gallon discount is what percent of Kim's total per-gallon discount?
What is the shape of the demand curve faced by a firm under perfect competition?
একটি দ্রব্যের চাহিদা এবং যোগান সমীকরণ যথাক্রমে Qa = 20 - 2p এবং Q = 10 + 4p। এই দ্রব্যের ভারসাম্য দাম এবং পরিমাণ কত হবে? (The demand and supply curves of a product are Qa = 20 - 2p and Qs = 10 + 4p. What are the equilibrium price and quantity of the product ?)
Under conditions of equal reduced pressure and equal reduced temperature, substances are said to be in the 'corresponding states'. At equal reduced conditions i.e., at the corresponding state, the __________ of different gases are nearly the same.
At a special sale, 5 tickets can be purchased for the price of 3 tickets. If 5 tickets are purchased at this sale, the amount saved will be what percent of the original price of the 5 tickets?