Question

In a perfectly competitive market, individual consumers have _____.

no influence over determining price

more influence than consumers in other market structures

less influence than producers concerning prices

more influence than producers concerning prices

Answer 1

No influence over determining price. 

Answer 2

Consumers would have a tendency to become more influential in price changes than consumers in a perfectly competitive market. In addition, a perfectly competitive market is usually characterised by having similar products being sold by different firms and consumers have more access to product information.