For unlimited access to Homework Help, a Homework+ subscription is required.
Why does a perfectly competitive market require many participants as both buyers and sellers?
a. because the merchandise must be uniform.
b. so that no individual can control the price.
c. in order to maintain quality over the goods.
d. so that both buyers and sellers have the same information.
In a perfectly competitive market, all producers sell _________ (perfectly identical/different) goods or services. Additionally, there are ______ (few / many) buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price _____ (takers/makers).