When the market for a product is perfectly competitive and it is in equilibrium

Question

Accepted Answer

Suppliers have no power or incentive to raise or lower the product’s price

Answer

Suppliers have the power or incentive to raise the product’s price

Answer

Both demanders and suppliers have power to raise the product’s price if they wish to do so since the market is in equilibrium

Answer

Demanders have the power or incentive to lower the product’s price

Answer

Demanders have the incentive to raise the product’s price

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