Competitive Market.
Explanation of Solution
A competitive market refers to a market where there are many buyers and many sellers of an identical product and each of whom has little or no impact on the market price. Market price in a competitive market is determined by the demand and supply of the product. However, there are other markets that are not perfectively competitive. For instance, in the
Concept Introduction:
Competitive Market: It refers to the market in which there are many buyers and many sellers of an identical product so that each has a negligible impact on the market price.
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Chapter 4 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
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