A competitive market is one that has numerous buyers and sellers, free entry and exit, and no externalities.
In a competitive market, neither a single consumer nor a single producer can have a significant impact on the market. Its response to supply as well as demand changes as shown by the supply curve, which depicts the quantity of a good.
It is a system that adjusts the supply chain in response to changes in market supply and demand. No single purchaser or seller does have the ability to have an impact on the market. A competitive market encourages producers to sell their goods at the going rate and customers to pay that rate.
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