Asked by Preston Tribble on Jul 13, 2024
Verified
List and describe the characteristics of a perfectly competitive market.
Perfectly Competitive Market
A theoretical market structure characterized by an infinite number of buyers and sellers, where no single entity has the power to influence the market price.
Market Characteristics
Features that define a specific market, including the number of buyers and sellers, product differentiation, and level of competition.
- Gain insight into the essential features of a competitive market.
Verified Answer
JN
Jamie NightlingerJul 19, 2024
Final Answer :
There are many buyers and sellers in the market. The goods offered by the various sellers are largely the same. Firms can freely enter or exit the market.
Learning Objectives
- Gain insight into the essential features of a competitive market.
Related questions
A Key Characteristic of a Competitive Market Is That ...
Which of the Following Industries Is Most Likely to Exhibit ...
For Any Competitive Market, the Supply Curve Is Closely Related ...
Competitive Firms Are Price Takers Largely Because of Intensive Advertising ...
The Demand Curve for a Purely Competitive Industry Is Perfectly ...