________ is the market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product.
A) Oligopoly
B) Monopolistic competition
C) Perfect competition
D) Microeconomic competition

Question

Quizplus · Accepted Answer

Perfect competition is a market situation in which there are many small firms selling a homogeneous product, and no firm has enough market power to influence the price of the product. In this situation, firms are price takers, meaning they have to accept the market price for their product. In a perfectly competitive market, there are no barriers to entry or exit, and each firm is a price taker.

________ Is the Market Situation in Which There Are Many