In a competitive market, there are so few buyers and so few sellers that each has a significant impact on the market price.
Correct Answer:
Verified
Q14: All goods and services are sold in
Q15: The law of demand states that, other
Q16: Most markets in the economy are highly
Q17: In a perfectly competitive market, buyers and
Q18: Sellers as a group determine the demand
Q20: A yard sale is an example of
Q21: If something happens to alter the quantity
Q22: The demand curve is the upward-sloping line
Q23: A decrease in the price of a
Q24: If orange juice and apple juice are
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents