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Question Practice

Which of the following best explains the relationship between market price and average cost in a perfectly competitive market?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 12
Economics
Introductory Microeconomics
Market Equilibrium
Question Bank

Which of the following best ex...

Single Answer MCQ
Q-00089624

Which of the following best explains the relationship between market price and average cost in a perfectly competitive market?

1

Price fluctuates randomly

2

Price equals average cost in equilibrium

3

Price is always greater than average cost

4

Average cost determines price

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What is the equilibrium price in a perfectly competitive market?

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