Sellers benefits from the market as they spend _______ in finding customers.

less money

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less time

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more time

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more money

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Solution

The correct option is B less time
Sellers need not look for more buyers in a market. Its an exchange ground for both sellers and buyers.

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Consumer surplus is the benefit that buyers receive from participating in a market, and producer surplus is the benefit that sellers receive.

Explain 'large number of buyers and sellers' as a feature of perfectly competitive markets.

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