Asked by
jaiden jackson
on Oct 25, 2024
Verified
In a perfectly competitive market:
A) there are a few buyers.
B) there is a single seller.
C) there is a cartel.
D) no single buyer or seller can significantly affect the market price.
Perfectly Competitive Market
A market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product.
Market Price
The current price at which a good or service can be bought or sold in a marketplace, determined by supply and demand.
Cartel
A formal agreement among competing firms to control prices or exclude entry of a new competitor in the market.
- Grasp the core concepts of different market structures and the necessary criteria for achieving perfect competition.
Verified Answer
JH
Learning Objectives
- Grasp the core concepts of different market structures and the necessary criteria for achieving perfect competition.