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Which statement best explains how a perfect competition market structure determines the price of a product? A government controls the market and sets the price of a product. Consumers in the market agree to only pay a certain price for a product. The interaction of consumers and businesses determines the price. A small number of large businesses secretly agree to fix the price.
Which statement best explains how a perfect competition market structure determines the price of a product?
- A government controls the market and sets the price of a product.
- Consumers in the market agree to only pay a certain price for a product.
- The interaction of consumers and businesses determines the price.
- A small number of large businesses secretly agree to fix the price.
