Which of the following markets is characterized by the following: many buyers and sellers, a homogeneous product, easy entry into and exit from the industry, and all firms are price takers?
A) perfectly competitive market
B) monopolistic competition
C) monopoly
D) oligopoly

Question

Quizplus · Accepted Answer

A perfectly competitive market is characterized by many buyers and sellers, a homogeneous product, low barriers to entry and exit, and all firms are price takers. This means that no single firm has control over the market price and all firms must accept the prevailing market price.

Which of the Following Markets Is Characterized by the Following