Ask Question
22 June, 07:42

In competitive markets, which of the following is not correct? Group of answer choices No individual buyer can influence the market price. Some sellers can set prices. Firms produce identical products. Buyers are price takers.

+1
Answers (1)
  1. 22 June, 10:26
    0
    Some sellers can set prices

    Explanation:

    Characteristics of competitive firms:

    1. All sellers are price takers. No seller can influence market price.

    2. All buyers are price takers

    3. Forces of demand and supply determine market price.

    4. All products are homogenous

    5. There are no barriers to entry or exist of firms

    6. There is perfect information
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “In competitive markets, which of the following is not correct? Group of answer choices No individual buyer can influence the market price. ...” 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