Question
How is price determined under perfect competition? Find the equilibrium price and quantity for the market wherein
qs = -20 +3P
qd = 220 - 5P
Answer :
Word Count : 323
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There are two well known approaches to pricing under perfect competition:
Partial Equilibrium Approach
General Equilibrium Approach
1- Partial Equilibrium Approach:- In this approach we assume that the prices of various commodities are independent and do not mutually affect one another. This approach isolates the primary relation of supply, demand and price in regard to a particular commodity. Thus in this approach to pricing under perfect competition, demand for a commodity is determined on the assumption that the prices of the other commodities, prices
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