In a competitive market:
buyers compete with sellers, and sellers compete with buyers.
buyers compete with other buyers, and sellers compete with other sellers.
sellers alone determine the equilibrium price.
buyers alone determine the equilibrium price.
In a competitive market, the correct statement is:
buyers compete with other buyers, and sellers compete with other sellers.
In this context, buyers are trying to get the best price and terms for the goods or services they want to purchase, while sellers are trying to sell their goods or services at the best price. The interaction between buyers and sellers, along with their competition, helps to determine the equilibrium price in the market.