The word ‘large number’ states that the number of sellers is so large that a single seller’s share in the total market supply of the product is

Significant

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Important

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Insignificant

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Independent

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Solution

The correct option is C
Insignificant

The word ‘large number’ states that the number of sellers is so large that a single seller’s share in the total market supply of the product is insignificant. It is such that no individual seller can influence the market price by reducing or raising its own supply.

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Similar questions

In which of the market situations, there are a large number of buyers and sellers selling identical products in the market?

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

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