In a perfectly competitive market, what role do individual buyers and sellers typically play?

Show Answers

They accept the market price without influenceThey manufacture distinct productsThey assume they can control the priceThey block new competitors from entering

Explanation

In a perfectly competitive market, each buyer and seller is a price taker, meaning they must accept the prevailing market price and cannot influence it. Producers do not differentiate their products, and no participant can prevent new competitors from entering the market.