In a competitive market, every consumer willing to pay the market price can buy a product and every producer willing to sell the product at that price can sell it.

(A) True

(B) False

Question

Nathanial Carrillo

Business

8 March, 23:14

In a competitive market, every consumer willing to pay the market price can buy a product and every producer willing to sell the product at that price can sell it.

(A) True

(B) False

+4

Answers (1)

Know the Answer?

Emiliano Diaz · Answer 1

The correct answer is True.

Explanation:

A competitive market is one in which there are many buyers and many sellers, so each one has an insignificant influence on the market price. Each seller controls the price to a limited extent, as others offer similar products. You have few reasons to charge a lower price than the current one, and if you charge more, buyers will go to others. Also, no buyer can influence its price, since each one only buys a small amount.

In a competitive market, every consumer willing to pay the market price can buy a product and every producer willing to sell the product at that price can sell it.(A) True(B) False

In a competitive market, every consumer willing to pay the market price can buy a product and every producer willing to sell the product at that price can sell it.

(A) True

(B) False