Because There Are Many Buyers and Sellers in a Perfectly

question 16

True/False

Because there are many buyers and sellers in a perfectly competitive market, no one seller can influence the market price.

---

Definitions:

Market Price

The current market valuation at which services or products are exchanged.

Minimum Price

A set floor on the price at which a good or service can be sold, often used to ensure fair compensation for producers or to avoid market collapse.

Short Run

A period in economics during which at least one input, such as plant size or capital equipment, is fixed and cannot be changed.

Market Price

Market price is the current price at which a good or service can be bought or sold in the marketplace.