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Standard XII
Economics
Question
What does equilibrium price indicate?
Price determined by demand and supply
Price determined by cost and profit
Price determined by cost of production
Price determined to maximise profit
A
Price determined by demand and supply
B
Price determined by cost of production
C
Price determined to maximise profit
D
Price determined by cost and profit
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Solution
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When supply and demand are equal the market clears, the price at which this happens is known as the market clearing price or the equilibrium price.
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Q1
Under perfect competition, equilibrium price is determined by the forces of market demand and market supply.
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What do you understand by equilibrium price? How do the forces of demand and supply determine the equilibrium price?
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Q3
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Under perfect competition, price is determined by equilibrium of demand and supply.
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