The Meaning of competition as a result of its characteristics the perfectly competitive market has the ollowing outcomes The actions of any single buyer or seller in the market have a negligible impact on the market P orIce Each buyer and seller takes the market price as given o Buyers and sellers in competitive markets are said to be price takers Buyers and sellers must accept the price determined by the marketThe Meaning of Competition • As a result of its characteristics, the perfectly competitive market has the following outcomes: – The actions of any single buyer or seller in the market have a negligible impact on the market price. – Each buyer and seller takes the market price as given. • Buyers and sellers in competitive markets are said to be price takers. – Buyers and sellers must accept the price determined by the market