Understanding Perfect Competition: Large Number of Buyers & Sellers
Learn how a large number of buyers and sellers create a perfectly competitive market where no single participant controls the price. This visual explains the concept of price takers and competitive equilibrium.
1. In economics, which market structure is characterized by many buyers and sellers but differentiated products?
The illustration shows a lively outdoor farmers’ market with multiple stalls lined up under orange-and-white striped canopies. Each stall displays fresh produce such as tomatoes, carrots, bananas, leafy greens, and potatoes. Friendly vendors wearing aprons stand behind the counters, smiling and interacting with two customers who are browsing the vegetables. One customer holds a basket while the other stands near a display of greens. The overall scene is warm and welcoming, depicting a community-centered marketplace with clean, simple, and colorful artwork.
A. Monopoly
B. Perfect Competition
C. Monopolistic Competition
D. Oligopoly
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Akshita Gupta
I’m a passionate digital marketer specializing in social media marketing. At Prime Synapse, I focus on building strong online brands through strategic content creation, engagement, and data-driven campaigns. My goal is to turn audiences into communities and clicks into meaningful conversions.
