Which of the following is a characteristic of a perfectly competitive market ........

Economics- Phase (I & II) Demand and Supply , Market Structures

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Which of the following is a characteristic of a perfectly competitive market?

Firms are price setters

There are few sellers in the market.

Firms can exit and enter the market freely.

All of these

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Explanation:

Pure or perfect competition is a theoretical market structure in which the following criteria are met: All firms sell an identical product (the product is a "commodity" or "homogeneous"). All firms are price takers (they cannot influence the market price of their product). Market share has no influence on prices.

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