In perfect competition, the market structure is characterized by a large number of buyers and sellers, all selling homogenous products at a uniform price. Both buyers and sellers have perfect knowledge about the product, and the market forces of demand and supply determine the price level.

In this market structure, an individual seller cannot influence the market price by lowering prices, as they cannot meet the entire market demand on their own. Lowering prices to capture more market share is not a viable strategy. Instead, there is always a steady demand for the product at the prevailing market price, allowing the seller to sell any quantity they want at that price.

Final Answer:

Therefore, the correct answer is option C: The seller can sell any quantity they want at the prevailing market price. In perfect competition, all firms are price takers and there is no price war. The elasticity of demand depends on the types of goods and the specific market situation. Additionally, sellers in perfect competition cannot sell their product below the market price because they have no market power to influence the price. Thus, options A, B, and D are incorrect.