Statement I.The perfect competitor is a price-taker,not a price-maker.
Statement II.The dividing line between many and few is 100.

A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.

Price-Taker

A price-taker is a market participant that cannot influence the price of a good or service and must accept the prevailing market price.

Price-Maker

An entity, such as a firm, that has the ability to influence the price of goods or services it sells, typically due to lack of competition.

Perfect Competitor

A theoretical market structure where many firms sell identical products, with no single seller able to influence market prices, ensuring maximum efficiency.