Which of the following is a characteristic of perfectly competitive markets? OA. There will be no barriers to new firms entering the market. OB. There will be a few firms in the market selling an identical product. OC. There will be many buyers but only a few firms, all of whom will charge the same price. OD. The barriers to new firms entering the market will be natural ones. OE. There will be only a few buyers but many firms, all of whom are small relative to the market.
Which of the following is a characteristic of perfectly competitive markets? OA. There will be no barriers to new firms entering the market. OB. There will be a few firms in the market selling an identical product. OC. There will be many buyers but only a few firms, all of whom will charge the same price. OD. The barriers to new firms entering the market will be natural ones. OE. There will be only a few buyers but many firms, all of whom are small relative to the market.
Chapter1: Making Economics Decisions
Section: Chapter Questions
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