In a competitive market, price is taken as given by
A)both buyers and sellers.
B)neither buyers nor sellers.
C)buyers only.
D)sellers only.
E)the government.

Name: In a competitive market, price is taken as given by A)both buyers and sellers. B)neither buyers nor sellers. C)buyers only. D)sellers only. E)the government.
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Question

Quizplus · Accepted Answer

In a competitive market, both buyers and sellers are price takers, meaning they accept the market price as given because no single participant has enough power to influence the price.

In a Competitive Market, Price Is Taken as Given by