Which of the following characteristics is required for a perfectly competitive market? Group of answer choices The goods offered for sale are exactly the same. There are so many buyers and sellers that no single buyer or seller has any influence over the market price. It is difficult for new sellers to enter the market. Both a and b are correct.
Which of the following characteristics is required for a perfectly competitive market? Group of answer choices The goods offered for sale are exactly the same. There are so many buyers and sellers that no single buyer or seller has any influence over the market price. It is difficult for new sellers to enter the market. Both a and b are correct.
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter9: Price Takers And The Competitive Process
Section: Chapter Questions
Problem 13CQ
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Question 7
Which of the following characteristics is required for a perfectly competitive market?
Group of answer choices
The goods offered for sale are exactly the same.
There are so many buyers and sellers that no single buyer or seller has any influence over the market price.
It is difficult for new sellers to enter the market.
Both a and b are correct.
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