question archive When quantity demanded is equal to quantity supplied In a perfectly competitive economy, neither producers (Supply side) nor buyers (Demand side) have the sole power to determine prices
When quantity demanded is equal to quantity supplied In a perfectly competitive economy, neither producers (Supply side) nor buyers (Demand side) have the sole power to determine prices
Subject:EconomicsPrice: Bought3
When quantity demanded is equal to quantity supplied
In a perfectly competitive economy, neither producers (Supply side) nor buyers (Demand side) have the sole power to determine prices. Thus prices are the determinants of the quantity supplied and quantity demanded. If the prices are set right, the quantity demanded (Bought) equals quantity supplied (produced) the market clears and equilibrium is achieved
