How do profit and competition determine equilibrium price?

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asked Oct 26, 2022 220k views

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Shivam Kotwalia · Answer 1 · 2022-10-31T09:30:05+0000

Answer:Competitive equilibrium is achieved when profit-maximizing producers and utility-maximizing consumers settle on a price that suits all parties. At this equilibrium price, the quantity supplied by producers is equal to the quantity demanded by consumers.

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How do profit and competition determine equilibrium price?

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