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Optimal Price and Output in Perfect Competition

幫考網(wǎng)校2020-08-06 17:35:59

In perfect competition, the optimal price and output level is determined by the intersection of the industry's supply and demand curves. The supply curve represents the marginal cost curve of the firms in the industry, while the demand curve represents the marginal benefit or willingness to pay of consumers.

At the point of intersection, the market is in equilibrium, with the quantity supplied equal to the quantity demanded, and the price is equal to the marginal cost of production. This is the most efficient outcome, as it maximizes the total welfare of consumers and producers in the market.

In the long run, firms in a perfectly competitive market will adjust their production levels to achieve this equilibrium price and output level. If the price is above the equilibrium level, there will be excess supply, leading to a decrease in price. If the price is below the equilibrium level, there will be excess demand, leading to an increase in price.

Overall, perfect competition leads to an efficient allocation of resources and the optimal price and output level in the market.