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.

Question

Quizplus · Accepted Answer

In a perfectly competitive market, no single buyer or seller can significantly affect the market price. This is because there are many buyers and sellers participating in the market, all of whom are price takers and must accept the prevailing market price. There is no single entity with enough market power to influence the price.

In a Perfectly Competitive Market