As a farmer, Gary Forsythe is familiar with the economics of perfect competition. How is the price at which he sells his corn determined

This question is incomplete, the options are missing. The options are the following:

a) It is determined by Gary because he has a product that many people want.

b) The price is determined by combining the actions of all buyers and all sellers together.

c) The price he will receive is primarily determined by a few buyers at the local grain bin.

d) The government sets the price of the corn to level the playing field for everyone.

e) The price will be approximately 25 percent higher than what other farmers are selling the same corn for because Gary is an astute businessperson.

And the correct answer is the option B: The price is determined by combining the actions of all buyers and all sellers together.

Explanation:

To begin with, the structure of market known as ''perfect competition" is considered to be the one in where the price of the product is determined by the interaction between all the buyers and sellers of the market due to the fact that there is huge amount of them and the product that is being sell is homogenous so that means that there is no difference between buying to one or other producer. That is why that the sellers and buyers are known as "price-takers".

urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total