A perfectly competitive industry's market price is found by finding the point on the market demand curve where the largest number of units will be purchased. Correct Answer locating the intersection of the market demand and market supply curves. You Answered the horizontal summation of all the industry firms' individual supply curves. identifying the price at which each firm realizes its largest economic profit.

locating the intersection of the market demand and market supply curves.

Explanation:

Here is the complete question:

A perfectly competitive industry's market price is found by:

a. locating the intersection of the market demand and market supply curves.

b. the horizontal summation of all the industry firms' individual supply curves.

c. identifying the price at which each firm realizes its largest economic profit.

d. finding the point on the market demand curve where the largest number of units will be purchased.

A perfectly competitive market is a form of market that is characterized by many buyers and sellers, no transaction costs, undifferentiated products, no barriers to entry and exit, perfect information about price of a good etc. The total revenue for a firm in perfectly competitive market is calculated by multiplying the price and quantity.

The market price in perfectly competitive market is gotten and determined by interaction of the forces of the market demand and market supply. The market demand is the sum of the quantity demanded by the buyers at different prices.