IDNLearn.com provides a user-friendly platform for finding and sharing accurate answers. Ask your questions and get detailed, reliable answers from our community of experienced experts.
Sagot :
In general, purely competitive markets tend to benefit consumers over producers because "Consumers control price through demand". Although perfect competition is practically impossible.
Answer;
-Consumers control price through demand.
Purely competitive markets tend to benefit consumers over producers because consumers control price through demand.
Explanation;
-In a purely competitive market, there are large numbers of firms producing a standardized product. The market prices are determined by consumer demand; suppliers have no influence over the market price, and thus, the suppliers are often referred to as price takers.
Thank you for using this platform to share and learn. Keep asking and answering. We appreciate every contribution you make. IDNLearn.com has the solutions to your questions. Thanks for stopping by, and see you next time for more reliable information.