In a competitive market, no single producer can influence the market price because:

Name: In a competitive market, no single producer can influence the market price because:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

In a competitive market, there are a large number of producers offering identical or similar products, which means that even if one producer tries to influence the price, consumers can easily switch to another producer offering the same product at a lower price. Therefore, no single producer can influence the market price.

In a Competitive Market, No Single Producer Can Influence the Market