When a market is competitive:
A) buyers compete with sellers to try to get lower prices.
B) buyers compete with other buyers, raising prices; and sellers compete with sellers, lowering prices.
C) everybody competes with everybody else.
D) buyers compete with sellers and sellers compete with one another, but buyers do not compete with one another.

Question

Quizplus · Accepted Answer

In a competitive market, buyers compete with other buyers, which can drive prices up, while sellers compete with other sellers, which can drive prices down.

When a Market Is Competitive