Which of the following is a characteristic of a perfectly competitive market? product is differenciated. Firms have difficulty entering the market. There are just a few sellers in the market. Firms are price takers.
Added by Lisa W.
Step 1
A perfectly competitive market is characterized by many buyers and sellers, homogeneous products, free entry and exit, and price-taking behavior. Show more…
Show all steps
Your feedback will help us improve your experience
Kaylee Mcclellan and 69 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Why are sellers in a perfectly competitive market known as price takers?
Market Structures
What Is Perfect Competition?
QUESTION 22 In a competitive market, A. no single buyer or seller can influence the price of the product. B. there are only a small number of sellers. C. the goods offered by the different sellers are unique. D. accounting profit is driven to zero as firms freely enter and exit the market.
Pavitr A.
Shalini T.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD