1. A competitive market is a market in which
a. there are only a few sellers.
b. the forces of supply and demand do not apply.
c. an auctioneer helps set prices and arrange sales.
d. no individual buyer or seller has any significant impact on the market price.
2. An example of a perfectly competitive market would be the market for
a. tennis racquets.
b. garbage collection.
c. pizza.
d. wheat.