A major assumption in a perfectly competitive market is that
Answer Details
The major assumption in a perfectly competitive market is that individuals cannot influence prices. This means that no individual buyer or seller has enough power to affect the price of a good or service. Instead, prices are determined solely by the forces of supply and demand in the market. In other words, in a perfectly competitive market, prices are set by the market itself, not by any individual buyer or seller. This assumption is important because it leads to the efficient allocation of resources and helps ensure that goods and services are produced at the lowest possible cost.