Role of Demand and Supply in Price Determination under Perfect Competition Market

Author(s)	Saanj Ghuge, Suvarna Ghuge
Country	India
Abstract	This research paper delves into the mechanism of determination of Price in Perfect Competition Market. We all purchase commodities in our day-to-day life, but being the consumers have you ever wondered from where does this price which we pay for a specific commodity come from? What are the driving forces of the price, who decides the price? This very research paper guides the determination of prices that we pay in our daily lives with a detailed explanation of demand and supply mechanism at micro level. But to understand the price determination, first understanding the law of demand and law of supply is necessary along with brief knowledge about perfect competition market. And through this research paper we have made an attempt to portray the price determination in the perfect competition market by juxtaposing it with an example through graphical presentation.
Keywords	Price Determination, Law of Demand, Law of Supply, Perfect Competition Market
Published In	Volume 16, Issue 2, April-June 2025
Published On	2025-05-28
DOI	https://doi.org/10.71097/IJSAT.v16.i2.5670

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International Journal on Science and Technology