In a perfectly competitive market ________.
A)most goods and services are not standardized
B)prices adjust slowly to equilibrium
C)buyers and sellers do not set prices and can only decide how much to buy and sell
D)all of the above
E)none of the above

Question

Quizplus · Accepted Answer

In a perfectly competitive market, the buyers and sellers do not set prices and can only decide how much to buy and sell. This is because the market is characterized by a large number of buyers and sellers, homogeneous products, perfect information, and free entry and exit of firms. As a result, the market price is determined solely by the forces of supply and demand.

In a Perfectly Competitive Market ________