A competitive market is one in which there a. is only one seller, but there are many buyers. b. are many sellers, and each seller has the ability to set the price of his product. c. are many sellers, and they compete with one another in such a way that some sellers are always being forced out of the market. d. are so many buyers and so many sellers that each has a negligible impact on the price of the product.

Question

Belinda Rosales

Business

17 March, 12:07

A competitive market is one in which there a. is only one seller, but there are many buyers. b. are many sellers, and each seller has the ability to set the price of his product. c. are many sellers, and they compete with one another in such a way that some sellers are always being forced out of the market. d. are so many buyers and so many sellers that each has a negligible impact on the price of the product.

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Answers (1)

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Frankie Whitehead · Answer 1

The right answer is, D. Are so many buyers and so many sellers that each has a negligible impact on the price of the product.

Explanation:

In a competitive market there are many sellers and many buyers, so each one has an insignificant influence on the market, that is, each seller controls a price limit since there are other sellers that offer the same products, and if it goes up The price buyers will go to where they find the products at cheaper prices. Therefore the price and quantity sold are not determined by a single buyer and seller, but by many buyers and sellers when they interact in the market.