Asked by Shanelle Jacobs on Jul 30, 2024
Verified
A competitive market has two basic characteristics. What are those two characteristics?
Competitive Market
A market structure where a large number of suppliers offer several substitutes, ensuring no single supplier controls the market prices.
Characteristics
Features or qualities that distinguish one thing from another, used to describe unique aspects of individuals, objects, or concepts.
- Analyze the specific qualities of competitive markets, including their structure and the manner in which firms behave within such environments.
Verified Answer
ZK
Zybrea KnightAug 04, 2024
Final Answer :
In a competitive market, there are many buyers and sellers and the goods offered by the various sellers are essentially the same.
Learning Objectives
- Analyze the specific qualities of competitive markets, including their structure and the manner in which firms behave within such environments.
Related questions
The Water That Comes Out of Your Faucets at Home ...
In a Certain Large City There Are Two Firms That ...
Does a Competitive Firm Have the Ability to Influence the ...
An Individual Firm's Demand Curve in a Perfectly Competitive Market ...
A Particular Industry Has Many Competitors,each of Whom Has No ...