Asked by Krystina Edwards on May 05, 2024
Verified
In a certain large city there are two firms that supply concrete. The concrete sold by the first firm is indistinguishable from the concrete sold by the second firm. Is the market competitive?
Indistinguishable
Unable to be identified as different or distinct when compared to another.
- Identify characteristics of competitive markets and the behavior of firms within such markets.
Verified Answer
MH
Malina HernandezMay 12, 2024
Final Answer :
The market is not competitive because there are only two sellers.
Learning Objectives
- Identify characteristics of competitive markets and the behavior of firms within such markets.