Choose the correct statement.A competitive market is where:
(i) there are many buyers and sellers in a market
(ii) a single firm does not have a significant impact on the market price
(iii) the goods offered for sale are largely the same

Question

Quizplus · Accepted Answer

A competitive market is defined by three characteristics which are (i) many buyers and sellers in the market, (ii) no single firm having a significant impact on the market price, and (iii) the goods offered for sale being largely the same or homogeneous. Therefore, all of the given options (i), (ii) and (iii) are correct and the correct choice is D.

Choose the Correct Statement.A Competitive Market Is Where