A. government
B. sellers
C. buyers
D. market
Correct Answer:
Option D – market
Explanation
The price in perfect competition is determined by market forces which is demand and supply. There is one market price in perfect competition, firms can’t charge different prices as they are selling identical products. In perfect competition, the firms and sellers are price takers.
Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…
Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…
Sociology is the scientific study of human society, culture, and behavior. It examines the social…
Social Work is a profession dedicated to helping individuals, families, and communities to cope with…
Religious studies is an academic discipline that explores the beliefs, practices, and history of various…
Public administration is the field of study and practice that focuses on the organization and…