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Buyers and sellers are price takers is a characteristic of a competitive market. So, the correct answer is option d.
Consumer demands for goods and services result in the formation of a competitive market. Because of the rivalry it fosters, businesses are forced to consider their costs of production, pricing policies, and product output.
In competitive marketplaces and in the idea of perfect competition, the buyer and seller are taken into account equally and strategies are developed based on the supply and demand dynamics at the time. We define competitive markets, describe their characteristics, and explain their functions and differences in this article.
A competitive market is a system in which no single consumer or producer has the ability to shape the market. The supply curve, which depicts a product's quantity, changes in response to supply and demand. Since a competitive market necessitates that the maker be prepared to sell a product.
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