A key characteristic of a competitive market is that
A)government antitrust laws regulate competition.
B)producers sell nearly identical products.
C)firms minimize total costs.
D)firms have price setting power.

Question

Quizplus · Accepted Answer

In a competitive market, producers sell products that are very similar to each other, making it easy for consumers to switch from one product to another, which is a key characteristic of such markets.

A Key Characteristic of a Competitive Market Is That