What are the three conditions for a market to be perfectly competitive? For a market to be perfectly competitive, there must be O A. many buyers and a small number of firms that compete, selling identical products, and barriers to new firms entering the market. O B. many buyers and one seller, with the firm producing a product that has no close substitutes, and barriers to new firms entering the market. Oc. many buyers and a few sellers, with all firms selling identical products, and no barriers to new firms entering the market. D. many buyers and sellers, with all firms selling identical products, and no barriers to new firms entering the market. O E. many buyers and sellers, with firms selling similar but not identical products, with low barriers to new firms entering the market.
What are the three conditions for a market to be perfectly competitive? For a market to be perfectly competitive, there must be O A. many buyers and a small number of firms that compete, selling identical products, and barriers to new firms entering the market. O B. many buyers and one seller, with the firm producing a product that has no close substitutes, and barriers to new firms entering the market. Oc. many buyers and a few sellers, with all firms selling identical products, and no barriers to new firms entering the market. D. many buyers and sellers, with all firms selling identical products, and no barriers to new firms entering the market. O E. many buyers and sellers, with firms selling similar but not identical products, with low barriers to new firms entering the market.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter22: Perfect Competition
Section: Chapter Questions
Problem 13QP
Related questions
Question
![What are the three conditions for a market to be perfectly competitive?
For a market to be perfectly competitive, there must be
O A. many buyers and a small number of firms that compete, selling identical products, and barriers to new firms entering the market.
O B. many buyers and one seller, with the firm producing a product that has no close substitutes, and barriers to new firms entering the market.
OC. many buyers and a few sellers, with all firms selling identical products, and no barriers to new firms entering the market.
O D. many buyers and sellers, with all firms selling identical products, and no barriers to new firms entering the market.
O E. many buyers and sellers, with firms selling similar but not identical products, with low barriers
new firms entering the market.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F60867f36-9ea4-4e78-9e62-627ae814c08a%2Fbe4be832-7697-43e9-a2fd-c8aa8604ed85%2Fkpuuq3j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:What are the three conditions for a market to be perfectly competitive?
For a market to be perfectly competitive, there must be
O A. many buyers and a small number of firms that compete, selling identical products, and barriers to new firms entering the market.
O B. many buyers and one seller, with the firm producing a product that has no close substitutes, and barriers to new firms entering the market.
OC. many buyers and a few sellers, with all firms selling identical products, and no barriers to new firms entering the market.
O D. many buyers and sellers, with all firms selling identical products, and no barriers to new firms entering the market.
O E. many buyers and sellers, with firms selling similar but not identical products, with low barriers
new firms entering the market.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781337617383/9781337617383_smallCoverImage.gif)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
![Microeconomics](https://www.bartleby.com/isbn_cover_images/9781337617406/9781337617406_smallCoverImage.gif)
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
![Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781337617383/9781337617383_smallCoverImage.gif)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
![Microeconomics](https://www.bartleby.com/isbn_cover_images/9781337617406/9781337617406_smallCoverImage.gif)
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax