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Which one of the following statements about perfectly competitive markets is correct? The quality of the...

Which one of the following statements about perfectly competitive markets is correct?

The quality of the good sold in a perfectly competitive market varies considerably across different sellers. No individual participant of the market can influence the market price by himself/herself. The number of buyers is very small. The number of sellers is very small.

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Answer #1

No individual participant of the market can influence the market price by himself/herself.  

this statement is correct.

because there are free entry and exit of the firms setting any other price than the market-determined price then the firm will either go out of the market and some other firm will replace the firm's market share.

an individual consumer will also cannot influence the price because he/she can be replaced by any other consumer from the infinite number of consumers.

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