If the market for a good or service is competitive,
A) there are many independent buyers and sellers
B) buyers and sellers have no control over price
C) there are no entry barriers
D) all of the above

Question

Quizplus · Accepted Answer

A competitive market is characterized by many independent buyers and sellers, where no individual buyer or seller has control over the price. There are also no or low entry barriers, allowing new sellers to enter the market easily. Therefore, all of the above choices are correct.

If the Market for a Good or Service Is Competitive