A competitive market is one in which there is only one seller, but there are many buyers. are many sellers, and each seller has the ability to set the price of his product. are many sellers, and they compete with one another in such a way that some sellers are always being forced out of the market. are so many buyers and so many sellers that each has a negligible impact on the price of the product. All externalities cause markets to fail to allocate resources efficiently. cause equilibrium prices to be too high. benefit producers at the expense of consumers. cause equilibrium prices to be too low.
