What is the main characteristic of a perfectly competitive market? A. Many sellers with differentiated products B. Few sellers with differentiated products C. Many sellers with identical products D. Few sellers with identical products

What is the main characteristic of a perfectly competitive market? A. Many sellers with differentiated products B. Few sellers with differentiated products C. Many sellers with identical products D. Few sellers with identical products

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 12P

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Question

What is the main characteristic of a perfectly competitive market?
A. Many sellers with differentiated products
B. Few sellers with differentiated products
C. Many sellers with identical products
D. Few sellers with identical products

Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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