Which of the following are characteristics of the perfectly competitive market model? buyers and sellers are vastly numerous there are barriers to entry goods are differentiated by brand names all firms use identical technologies

Which of the following are characteristics of the perfectly competitive market model? buyers and sellers are vastly numerous there are barriers to entry goods are differentiated by brand names all firms use identical technologies

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Which of the following are characteristics of the perfectly competitive market model?

buyers and sellers are vastly numerous

there are barriers to entry

goods are differentiated by brand names

all firms use identical technologies

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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