In a perfectly competitive market, what is the per-unit price of apples if the data indicates a price of $4?

Study for the VirtualSC Economics Honors Exam. Utilize flashcards and multiple-choice questions, each with hints and explanations. Get prepared for your exam!

In a perfectly competitive market, firms are price takers, meaning they must accept the market price as given and cannot influence it. If the data indicates a price of $4 for apples, this reflects the equilibrium price determined by supply and demand in that market. In such a scenario, the per-unit price of apples is indeed $4. This price is set at the intersection where the quantity of apples supplied equals the quantity demanded. Therefore, in a perfectly competitive market environment, a price of $4 represents the actual selling price that consumers pay for each apple.

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