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

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.