Question

A perfectly competitive market has a. only one seller. b. at least a few sellers. c. many buyers and sellers. d. firms that set their own prices. e. none of the above.

Answer 1

Answer:

c. many buyers and sellers.

Explanation:

A perfect market for competition is a market that has a high level of competition.

It has the following features -  

1. With regard to the market, knowledge is great in this rivalry between producer and consumer.

2. Free entry, and exit  

3. Deals with same or homogeneous products  

4. The sellers and buyers are more in this market