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assume that market for lamb is perfctly competitive. how a competitive market arrives at equilibrium

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assume that market for lamb is perfctly competitive. how a competitive market arrives at equilibrium
Answered Same Day Dec 29, 2021

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David answered on Dec 29 2021
132 Votes
assume that market for lamb is perfectly competitive. how a competitive market a
ives at equili
ium.
A perfectly competitive market is characterised by a down ward/negatively sloped demand curve and a positively/upward sloped market supply curve. The interaction of these two curves determines the equili
ium/optimal quantity and price in the market.
A down sloping demand curve implies that consumers demand more lamb at...
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