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Which of the following is a characteristic of perfectly competitive​ markets?

A) There are many buyers and sellers (hundreds).

B) Firms can gain an advantage over others by differentiating their product.

C) Firms cannot freely enter or leave the market.

D) Both buyers and sellers can manipulate market price.

E) All of the above.

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Reid Wolff
Reid WolffLv2
27 Mar 2020
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Related questions

In a perfectly competitive market, all producers sell _________ (perfectly identical/different) goods or services. Additionally, there are ______ (few / many) buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price _____ (takers/makers).

In a perfectly competitive market, all producers sell ___ goods or services. Additionally, there are ___ buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price ____.

 

What are the three conditions for a market to be perfectly competitive? For a market to be perfectly competitive, there must be:

A. many buyers and one seller, with the firm producing a product that has no close substitutes, and barriers to new firms entering the market.

B. many buyers and sellers, with firms selling similar but not identical products, with low barriers to new firms entering the market

C. many buyers and a few sellers, with all firms selling identical products, and no barriers to new firms entering the market.

D. many buyers and sellers, with all firms selling identical products, and no barriers to new firms entering the market.

E. many buyers and a small number of firms that compete, selling differentiated products, and barriers to new firms entering the market.

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