As per the standard economic theory in a perfectly...

As per the standard economic theory, in a perfectly competitive market, market prices are determined by: Group of answer choices individual producers market supply and market demand the entrepreneur individual

Transcript

00:01 Hello show and we need to write here we are given here two questions in the first case we are asked that market structure in which entry into the industry is hardest or in the second case which factor determines the production decision to firm like entrepreneur so if i write here in the first case so hardest entry is the entry to monopoly market so monopoly market is the market in which one firm only one firm has its monopoly over market and it sells products and services at the price decided by it only so if i write here for this in the first case in monopoly in monopoly if i write here for this market structure and monopoly market structure and monopoly market structure entry into the industry industry is into the industry we need to write here is hardest so basically if i write here for this this is going to be r we need to add here hardest so basically if i write here for this this must be if i write here this is option number d and we need to write here this is option number d and if i write for this this is going to be our final answer in this case thank you so this is our first case final answer now let us talk about our second case so in this case we need to write here which factor determines the production decisions of firm obliq entrepreneur so this must must be determined by cost of production so if i write here for this we need to add so cost of production cost of production is the factor is the factor if i write here for this is the factor determines the production decisions determine the production decisions production decisions of firm ovalik entrepreneur this is the answer available in option number d of um of work entrepreneur so let's erase this this must be if i write here this must be entreprenor.

03:31 So basically if i write here, this is the answer available in option number d.

03:40 And if i write here for this, this is going to be our final answer in this case...

Question

As per the standard economic theory, in a perfectly competitive market, market prices are determined by: Group of answer choices individual producers market supply and market demand the entrepreneur individual

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