False. In a perfect competition market structure, no single seller has control over the price of a product. In fact, in perfect competition, there are many sellers and buyers who are price takers, meaning they have no influence on the price and must accept it as determined by market forces.
False. In perfect competition, no single seller has control over the price of a product. In fact, in a perfectly competitive market, there are many sellers offering identical products, and none of them have the ability to influence the market price. The price is determined solely by the forces of supply and demand. Individual sellers in a perfectly competitive market are price takers, meaning they have to accept the prevailing market price and cannot set their own prices.
False. Perfect competition is a market structure where there are a large number of buyers and sellers, and no single seller has control over the price of a product. In a perfectly competitive market, no individual buyer or seller can influence the market price. Instead, the price is determined by the forces of supply and demand. Each seller in a perfectly competitive market is a price-taker, meaning they must accept the prevailing market price and cannot set their own price.
