[This is part of the series: The Complete Guide To Economics 101.]
What is a competitive market?
A Competitive Market is a market with large number of both buyers and sellers.
Because of this large number of both buyers and sellers, no single buyer and seller is able to have a significant impact on setting prices.
Said different, in a competitive market, all participants are price-takers.
Good examples for this are the markets for many different commodities: oil, sugar, coffee, cocoa, etc.
