What is a competitive market?
A)a market in which a good is bought for a lower price than that for which it can be sold
B)a market in which a good is sold at a lower price than that for which it can be bought
C)a market in which a good can be bought and sold at the same price
D)a market in which goods can be bought at the ask price and sold at bid price

Question

Quizplus · Accepted Answer

A competitive market is a market in which there are many buyers and sellers of an item, and no one participant can influence the price. In this case, goods can be bought and sold at the same price, which is the market price. Therefore, the correct choice is C.

What Is a Competitive Market