Economics · Market Structures
Consider the following statements regarding perfect competition: 1. In a perfectly competitive market, firms and consumers are price takers. 2. A single firm can influence the market price due to its large share in total supply. 3. The market price is determined by the interaction of market demand and market supply. 4. Each firm produces only a negligible fraction of total market output. Which of the above statements are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11, 2, 3 and 4
- 22 and 3 only
- 31 and 2 only
- 41, 3 and 4 only✓
Correct answer
1, 3 and 4 only
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