Both individual buyers and sellers in perfect competition a. can influence the market price by joining with a few of their competitorsb. have to take the market price as given (price-taker)c. can influence the market price by their own individual actionsd. have the market price dictated to them by government

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13-08-2019
Business

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Both individual buyers and sellers in perfect competition a. can influence the market price by joining with a few of their competitorsb. have to take the market price as given (price-taker)c. can influence the market price by their own individual actionsd. have the market price dictated to them by government

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Nyctalus Nyctalus · Answer 1 · 2019-08-19T06:46:26+02:00

Answer: Statement B

Explanation: As per the subject matter of economics, a perfect competition market structure is the one in which there are large number of buyers and sellers, operating at a small level individually, example = wheat traders

Due to this large number of participants the buyers and sellers cannot take make any price changes individually rather the price in such structures is determined by the market forces of supply and demand.