Both individual buyers and sellers in perfect competition
A) can influence the market price by their own individual actions.
B) can influence the market price by joining with a few of their competitors.
C) have to take the market price as a given.
D) have the market price dictated to them by the government.

Question

Quizplus · Accepted Answer

In perfect competition, no individual buyer or seller has enough market power to influence the market price by their own individual actions. They have to accept the market price as a given and adjust their behavior accordingly. This is the essence of perfect competition - the absence of market power by any individual buyer or seller. Therefore, choice C is the correct answer.

Both Individual Buyers and Sellers in Perfect Competition