Final answer:
In perfect competitive markets, each buyer and seller are not price makers.
Step-by-step explanation:
Perfect Competition and Its Characteristics
In perfect competitive markets, there are several characteristics that define the market. However, one of the characteristics that is not present in perfect competitive markets is C) Each buyer and seller are price makers. In perfect competition, sellers are price takers, meaning they have no control over the price of their product. They simply accept the prevailing market price.
In perfect competitive markets, there are many buyers and sellers, trading identical products, and firms can freely enter or exit the market.