Question

What is a competitive​ market? A. a market in which a good can be bought and sold at the same price B. a market in which a good is sold at a lower price than that for which it can be bought C. a market in which goods have a different ask price and bid price D. a market in which a good is bought for a lower price than that for which it can be sold

Answer 1

Answer:

The correct answer is letter "A": a market in which a good can be bought and sold at the same price.

Explanation:

Competitive markets are those with large numbers of producers fighting against each other to fulfill consumers' needs. In these markets, the producers and consumers cannot determine the price of the goods or services being traded. Both participants are price-takers which imply they will come to a point in which the price level offered by producers and desired by consumers will be equal.