Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 9SCQ: Productive efficiency and allocative efficiency are two concepts achieved in the long mm in a...
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![Which of the following conditions describe a perfectly competitive market?
1. Firms all produce an identical product.
2. There are many sellers, each small relative to the total market.
3. There are many sellers, each with assets less than $2 million.
4. Each producer sets his or her own price.
O 1 and 2 above
O 1, 2, and 3 above
O All of the above
O 2 and 4 above](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F188eedef-766a-42a2-8dbd-3775b7ec87d5%2F3c4bbbda-3693-4edf-bf73-217516b8a196%2F1t4sdp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Which of the following conditions describe a perfectly competitive market?
1. Firms all produce an identical product.
2. There are many sellers, each small relative to the total market.
3. There are many sellers, each with assets less than $2 million.
4. Each producer sets his or her own price.
O 1 and 2 above
O 1, 2, and 3 above
O All of the above
O 2 and 4 above
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