Perfect competition is characterised by
A) many buyers and many sellers.
B) few buyers and few sellers.
C) few buyers and many sellers.
D) many buyers and few sellers.
E) a few companies that control the market.

Question

Quizplus · Accepted Answer

Perfect competition is characterised by a large number of buyers and sellers in the market. This means that no one buyer or seller has control over the market and all participants are price takers, meaning they must accept the price set by the market.

Perfect Competition Is Characterised by