What is a perfect competition?
A) One in which there are no buyers or sellers with influence over prices
B) One in which there are many buyers or sellers with influence over prices
C) One in which there is one dominant buyer or seller with influence over prices
D) One in which there are two dominant buyers or sellers with influence over prices

Question

Quizplus · Accepted Answer

In a perfect competition, there are so many buyers and sellers that no single entity has the power to influence prices, leading to a situation where the market determines prices based on supply and demand.

What Is a Perfect Competition