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What are the three conditions for a market to be perfectly​ competitive? For a market to be perfectly​ competitive, there must be

What are the three conditions for a market to be perfectly​ competitive? For a market to be perfectly​ competitive, there must be

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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What are the three conditions for a market to be perfectly​ competitive?
For a market to be perfectly​ competitive, there must be
 
A.
many buyers and​ sellers, with all firms selling identical​ products, and no barriers to new firms entering the market.
 
B.
many buyers and nothing​sellers, with all firms selling identical​ products, and
substantial barriers to new firms entering the market.
 
C.
many buyers and​ sellers, with firms selling similar but not identical​ products, with low barriers to new firms entering the market.
 
D.
many buyers and one​ seller, with the firm producing a product that has no close​ substitutes, and barriers to new firms entering the market.
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