Which is NOT a conclusion of the model of perfect competition? Question 2 options: The assumption that the product is homogeneous means that all sellers receive the same price for their product. The assumption that there are no barriers to entry means that sellers can never earn excess profits. Losses will be temporary because sellers will exit the market. Neither the buyers nor the sellers set the price because the price is determined by the market. Competition in the market is impersonal.
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Step 1: The model of perfect competition assumes that the product is homogeneous, meaning that all sellers receive the same price for their product. Show more…
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