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

Question

Quizplus · Accepted Answer

A competitive market is one in which a good can be bought and sold at the same price. This indicates that there is no monopoly or market power held by any one supplier, and that there are many buyers and sellers participating in the market. Prices are determined by supply and demand, and no one entity has the power to set the price unnaturally high or low.

What Is a Competitive Market