Asked by Gabrielle Gwizdala on May 10, 2024
Verified
A competitive market occurs when there are many buyers and sellers of the same good.
Competitive Market
A market structure where there are many buyers and sellers, no single entity controls the prices, and there is freedom of entry and exit.
- Understand the principle of market balance and identify the factors that contribute to its fluctuation.
Verified Answer
SC
Shushi ChongMay 17, 2024
Final Answer :
True
Explanation :
A competitive market is characterized by the presence of many buyers and sellers of the same good. This creates equal opportunities for all participants to buy and sell the product, and no single seller or buyer can influence the price or quantity of the good in the market.
Learning Objectives
- Understand the principle of market balance and identify the factors that contribute to its fluctuation.