Ask Question
BusinessBusiness
27 March, 07:48

A competitive market is one in which there a. are so many buyers and so many sellers that each has a negligible impact on the price of the product. b. are many sellers, and each seller has the ability to set the price of his product. c. are many sellers, and they compete with one another in such a way that some sellers are always being forced out of the market. d. is only one seller, but there are many buyers.

+1
Answers (2)
  1. 27 March, 08:00
    0
    a. are so many buyers and so many sellers that each has a negligible impact on the price of the product

    Explanation:

    If the sellers can set the price then, eahc company should be providing different goods as customer will settle for the same price given the same good.

    Under competitive market if a seller offer above equilibrium their sales will drop to zero as none customer will purchase as there are a lot of seller they can potencially buy goods from. Same is true if a consumer wants to settle below equilibrium.

    Therefore, the seller nor buyer can impact the price they are both price-takers.
  2. 27 March, 10:49
    0
    A) are so many buyers and so many sellers that each has a negligible impact on the price of the product.

    Explanation:

    A competitive market or a perfect competition market is characterized by having many suppliers and many consumers, and the products and services offered are similar and substitute to each other. This results in every seller and every consumer being a price taker, since no seller or consumer is large enough to influence the equilibrium price.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A competitive market is one in which there a. are so many buyers and so many sellers that each has a negligible impact on the price of the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Wilma's Widgets had net sales of $ 20,882,696 in 2010. The cost of goods sold was $ 13,765,751, operating expenses (excluding depreciation) were $ 2,014,441, interest expenses were $ 663,090, depreciation expense was $ 1,221,755, and dividends paid
Answers (1)
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2015. Its cost and sales information for this year follows.
Answers (1)
If the IS curve is given by Y = 1,700 - 100r, the money demand function is given by (M/P) d = Y - 100r, the money supply is 1,000, and the price level is 2, then if the money supply is raised to 1,200, equilibrium income rises by what number?
Answers (1)
What basic financial statements can be found in a corporate annual report? Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows. Balance sheet, auditor's report, and income statement.
Answers (1)
When the government bails out failing banks, it creates a moral hazard problem; but when the government bails out homeowners who are defaulting on their mortgages, there is no moral hazard problem. TrueFalse
Answers (1)
New Questions in Business
A piece of property bought by XYZ Corporation a few years ago was sold for $5 M. The cost basis for this property was $2.75 M. The company had a taxable income of $12.15 million in the year the property was sold.
Answers (1)
What must be marked on ready-to-eat bags (PHFs): Best before date Temperature to reheat Name of the food Shelf to store the food on
Answers (2)
In which of the following cases will the effect on equilibrium output be indeterminate (i. e., depend on the magnitudes of the shifts in supply and demand) ? a. Demand increases and supply increases b. Demand decreases and supply decreases c.
Answers (1)
One of your fellow investment adviser representatives (iar) at your firm recently came to you and asked for a loan. you couldn't afford to give him the loan, but two days later you overheard him on the phone asking a client for the same loan.
Answers (1)
David likes new balance running shoes. however, when he stopped by the foot locker to buy a new pair of running shoes, he noticed that nike had a new pair of running shoes that cost $350.
Answers (1)
Home » Business » A competitive market is one in which there a. are so many buyers and so many sellers that each has a negligible impact on the price of the product. b. are many sellers, and each seller has the ability to set the price of his product. c.
Sign Up Forgot Password?