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Doctors Medicines MCQs Q&A

  1. Few buyers and few sellers
  2. Many buyers and few sellers
  3. Many buyers and many sellers
  4. All sellers and buyers are honest
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1 Answers

Answer: Option 3

Many buyers and many sellers is one of the assumptions of perfect competition. Yes, in a perfectly competitive market, there are many buyers and many sellers. As a consequence, they have no market power and cannot influence the market price. This is an assumption of the model of perfect competition.

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