What is a competitive market?

A competitive market is a market characterized by many buyers and many seller. The products sold by different producrs are homogeneous (similar) and therefore the buyers are "price takers": they must accept the prices as they are, they can't influence them. There is transparency in the market.

Related Business Studies A Level answers

All answers ▸

What is meant by the term 'quantitative market research' ?


If Incomes increase what would happen to demand for bus rides (an inferior good) in the market?


In 2007, a business had sales of £10 million in a market with a size of £125 million. In 2017 the business's sales were £12.6 million and its market share was 6%. Calculate the percentage growth in the size of the market between 2007 and 2017. (4 marks)


What are Porter's Five Forces and how are they used?


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences