Which of the following is a characteristic of a perfectly competitive market?
A)Sellers are price-takers.
B)There are some dominant sellers.
C)There are only a few sellers in the market.
D)The product varies across the sellers.

Question

Quizplus · Accepted Answer

In a perfectly competitive market, there are many small sellers who sell an identical product, so none of them can influence the market price. This means that all sellers are price-takers, meaning they take the market price as given and adjust their output accordingly.

Which of the Following Is a Characteristic of a Perfectly