What is a competitive market?

Question

Quizplus · Accepted Answer

A competitive market is a market where many buyers and sellers interact, and no single buyer or seller has control over the price. In such markets, the forces of supply and demand determine the price at which goods and services are exchanged. In a perfectly competitive market, there are no barriers to entry or exit, and all buyers and sellers have access to the same information. One characteristic of a competitive market is that goods can be bought and sold at the same price, which is the definition given in option B.

What Is a Competitive Market