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

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

438 views

Add to Study Deck Download Solution PDF

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

छोटे Courses बड़े Results

Master Demand and Supply , Market Structures

Prepare through Micro-courses

Try Now

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.

Report error

Submit Error