One characteristic of a perfectly competitive market is that there are _____ sellers of the good or service.

Question

Quizplus · Accepted Answer

A perfectly competitive market has many sellers who are selling an identical or standardized product, and no individual seller can influence the market price. In contrast, markets with one or a few sellers (monopoly or oligopoly) have the ability to set prices and control the market. Markets with fewer than 10 sellers may still be competitive, but the number of sellers alone does not determine competitiveness.

One Characteristic of a Perfectly Competitive Market Is That There