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Which of the following statements is true of a perfectly competitive market? 
A) Sellers in the market produce differentiated goods.
B) There is free entry and exit in the market.
C) There are only a few buyers and sellers in the market.
D) Sellers and buyers both set prices to compete in the market.

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Garima Menon
Garima MenonLv7
19 Mar 2021
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Related questions

Which of the following is not one of the assumptions of a perfectly competitive​ market?

-The product is homogeneous.
-There is free entry and exit of firms.
-There are a large number of buyers and sellers.
-Firms know more about market prices and conditions that consumers do

Which of the following characteristics does not apply to perfectly competitive markets?
 
a. Companies can enter and exit the market easily
b. Sellers in the market are price-takers
c. The number of buyers and sellers is small
d. Buyers and sellers have complete information about the identical products of all
Consumer sovereignty assumes that which fundamental statement in a market economy is true:
 
A. Buyers should be able to name their own prices for goods.

B. Sellers should provide products that reflect a good bargain.

C. Through purchase choices, consumers determine the production of goods.

D. By investing in research and development, sellers bring new products to the market.

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