Because there are many buyers and sellers in a perfectly competitive market, neither has any power to influence price. They are said to be price takers.

Name: Because there are many buyers and sellers in a perfectly competitive market, neither has any power to influence price. They are said to be price takers.
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Question

Quizplus · Accepted Answer

In a perfectly competitive market, no single buyer or seller can influence the price, they are forced to accept the market price, making them price takers.

Because There Are Many Buyers and Sellers in a Perfectly