The price a purely competitive seller can get for its product is determined by:
A) government regulators.
B) the forces of supply and demand in the market.
C) agreements made by sellers in trade association meetings.
D) the seller's bargaining power when dealing with potential buyers.

Question

Quizplus · Accepted Answer

The price in a purely competitive market is determined by the forces of supply and demand. In such markets, individual sellers have no control over the price of their product; instead, the overall market conditions of supply and demand dictate the price at which goods are sold.

The Price a Purely Competitive Seller Can Get for Its