There are large number of buyers in a perfectly competitive market. Explain the significance of this feature.

Question

There are large number of buyers in a perfectly competitive market. Explain the significance of this feature.

Monjur Alahi

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2025-01-04 04:42

1 Answers

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Salim Ahmed Kawsar · Accepted Answer · 2023-02-05T15:29:48+06:00

The number of buyers of commodity is very large under perfect competition. It is so large that by varying its demand, an individual buyer can not affect total market demand for a commodity. Accordingly, an individual buyer can not affect market price. He can buy any quantity at the existing price of the commodity. An individual buyer is a price taker.