{"id":58312,"date":"2024-04-16T01:17:18","date_gmt":"2024-04-16T01:17:18","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=58312"},"modified":"2024-04-16T01:17:18","modified_gmt":"2024-04-16T01:17:18","slug":"comparing-the-equilibrium-position-of-a-buyer-with-that-of-a-producer-in-a-pefectly-competitive-market-it-is-found-that-in-perfect-competition","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/comparing-the-equilibrium-position-of-a-buyer-with-that-of-a-producer-in-a-pefectly-competitive-market-it-is-found-that-in-perfect-competition\/","title":{"rendered":"Comparing the equilibrium position of a buyer with that of a producer in a pefectly competitive market, it is found that in perfect competition"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a977c115bbf9\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    The price of a buyer is higher and the output is relatively higher than that of the producer                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    The price of a buyer is less than that of the producer and the output is relatively high                <\/div>\r\n                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    The price of a buyer is higher than that of the producer and the output is also relatively less                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>C. The price of a buyer is less as compared to the producer and the output is also relatively less.<\/strong><\/p>\n<p>In a perfectly competitive market, there are many buyers and sellers of a homogeneous good. This means that buyers have a lot of choices when it comes to purchasing the good, and sellers have a lot of competition when it comes to selling the good. As a result, the price of the good will be determined by the market, and both buyers and sellers will have to accept this price.<\/p>\n<p>The price of a buyer is less than that of the producer because the buyer is not the one who is producing the good. The buyer is simply purchasing the good from the producer. The producer, on the other hand, has to incur costs in order to produce the good. These costs include the cost of the materials used to produce the good, the cost of labor, and the cost of overhead. As a result, the price of the good must be high enough to cover these costs and allow the producer to make a profit.<\/p>\n<p>The output of a buyer is also relatively less than that of the producer. This is because the buyer is not the one who is producing the good. The buyer is simply purchasing the good from the producer. The producer, on the other hand, has to produce a large <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> quantity of the good in order to make a profit. As a result, the output of the good is relatively higher for the producer than it is for the buyer.<\/p>\n<p>In conclusion, the price of a buyer is less than that of the producer and the output is also relatively less. This is because the buyer is not the one who is producing the good, and the buyer does not have to incur the costs associated with production.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Comparing the equilibrium position of a buyer with that of a producer in a pefectly competitive market, it is found that in perfect competition<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/comparing-the-equilibrium-position-of-a-buyer-with-that-of-a-producer-in-a-pefectly-competitive-market-it-is-found-that-in-perfect-competition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Comparing the equilibrium position of a buyer with that of a producer in a pefectly competitive market, it is found that in perfect competition\" \/>\n<meta property=\"og:description\" content=\"Join Our Telegram Channel Subscribe on YouTube\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/comparing-the-equilibrium-position-of-a-buyer-with-that-of-a-producer-in-a-pefectly-competitive-market-it-is-found-that-in-perfect-competition\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T01:17:18+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Comparing the equilibrium position of a buyer with that of a producer in a pefectly competitive market, it is found that in perfect competition","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/comparing-the-equilibrium-position-of-a-buyer-with-that-of-a-producer-in-a-pefectly-competitive-market-it-is-found-that-in-perfect-competition\/","og_locale":"en_US","og_type":"article","og_title":"Comparing the equilibrium position of a buyer with that of a producer in a pefectly competitive market, it is found that in perfect competition","og_description":"Join Our Telegram Channel Subscribe on YouTube","og_url":"https:\/\/exam.pscnotes.com\/mcq\/comparing-the-equilibrium-position-of-a-buyer-with-that-of-a-producer-in-a-pefectly-competitive-market-it-is-found-that-in-perfect-competition\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-16T01:17:18+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/comparing-the-equilibrium-position-of-a-buyer-with-that-of-a-producer-in-a-pefectly-competitive-market-it-is-found-that-in-perfect-competition\/","url":"https:\/\/exam.pscnotes.com\/mcq\/comparing-the-equilibrium-position-of-a-buyer-with-that-of-a-producer-in-a-pefectly-competitive-market-it-is-found-that-in-perfect-competition\/","name":"Comparing the equilibrium position of a buyer with that of a producer in a pefectly competitive market, it is found that in perfect competition","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-16T01:17:18+00:00","dateModified":"2024-04-16T01:17:18+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/comparing-the-equilibrium-position-of-a-buyer-with-that-of-a-producer-in-a-pefectly-competitive-market-it-is-found-that-in-perfect-competition\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/comparing-the-equilibrium-position-of-a-buyer-with-that-of-a-producer-in-a-pefectly-competitive-market-it-is-found-that-in-perfect-competition\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/comparing-the-equilibrium-position-of-a-buyer-with-that-of-a-producer-in-a-pefectly-competitive-market-it-is-found-that-in-perfect-competition\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"mcq","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/"},{"@type":"ListItem","position":3,"name":"Economics","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/economics\/"},{"@type":"ListItem","position":4,"name":"Comparing the equilibrium position of a buyer with that of a producer in a pefectly competitive market, it is found that in perfect competition"}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/d97f17072bfa490596c8f78363955d55?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d97f17072bfa490596c8f78363955d55?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/58312"}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=58312"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/58312\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=58312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=58312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=58312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}