A market where no single buyer or seller can influence the price is

Question

Quizplus · Accepted Answer

A competitive market is one where there are multiple buyers and sellers, and none of them has enough market power to influence the price. Therefore, it is a market where no single buyer or seller can influence the price. In a buyer's market, buyers have more power than sellers, while in a seller's market, sellers have more power than buyers. Output and input markets refer to the markets for goods and services produced and used in the production process, respectively, but they do not necessarily imply competitiveness.

A Market Where No Single Buyer or Seller Can Influence