Question

For a market to be competitive:a. each buyer and seller is small, relative to the whole market; no single decision-maker has any influence over the market price.B.sellers must produce goods and services that are different from their competitors.C.sellers should have substantial pricing power.D.the price must be a fair price

Answer 1

Answer: Option (A) is correct.

Explanation:

Each of the buyer and seller are small when we are relating it with the whole market. so, there will be no power in the hands of a single decision maker and if a firm wants to change their prices then it will not have any influence on the market price. In a competitive market, there are large number of buyers and sellers, thus, one buyer or seller doesn't have any impact on the market price.

Answer 2

Answer: A

Explanation:

It's a competitive market