A competitive market is one in which a number of buyers and sellers are offering similar products, and no single buyer or seller can influence the market price.

Question

Quizplus · Accepted Answer

In a competitive market, no single buyer or seller has the power to affect the price of the product. The market is determined by the forces of supply and demand, with many buyers and sellers offering similar products or services.

A Competitive Market Is One in Which a Number of Buyers