Which of the following statements are correct? O Perfect competition guarantees that all market participants have equal access to all goods and services produced by an economy. O Perfect competition guarantees equality of well-being among a country's citizens. O Perfect competition guarantees that prices charged for goods exactly reflect the marginal cost of producing them.

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30-11-2022
Business

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Which of the following statements are correct? O Perfect competition guarantees that all market participants have equal access to all goods and services produced by an economy. O Perfect competition guarantees equality of well-being among a country's citizens. O Perfect competition guarantees that prices charged for goods exactly reflect the marginal cost of producing them.

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Parrain Parrain · Answer 1 · 2022-12-13T11:12:31+01:00

The correct statement on perfect competition is that C. Perfect competition guarantees that prices charged for goods exactly reflect the marginal cost of producing them.

What is a perfect competition ?

A perfect competition is a type of market where individuals are free to engage in supply and free enterprise. As a result, there are many sellers in such a market such that the price of goods and services are set by the market.

The market sets the price such that the prices on goods and services are based on the marginal cost of producing them because the profit is maximized at the point where marginal revenue equals marginal cost.

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