In a perfectly competitive market, sellers are price setters while buyers are price takers.

Name: In a perfectly competitive market, sellers are price setters while buyers are price takers.
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Question

Quizplus · Accepted Answer

In a perfectly competitive market, neither buyers nor sellers are price setters. The price is determined solely by the forces of supply and demand. Buyers and sellers are both price takers, meaning they must accept the market price set by the market forces.

In a Perfectly Competitive Market, Sellers Are Price Setters While