Asked by Cydni Walters on Jun 03, 2024
Verified
In a perfectly competitive market, the goods offered for sale are all exactly the same.
Perfectly Competitive Market
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information where no single buyer or seller can influence the market price.
- Recognize the characteristics of perfectly competitive markets.
Verified Answer
OR
Olivia RussellJun 09, 2024
Final Answer :
True
Explanation :
In a perfectly competitive market, one of the key characteristics is that the goods offered by different sellers are homogeneous or identical, meaning consumers have no preference for a product based on its brand or producer.
Learning Objectives
- Recognize the characteristics of perfectly competitive markets.
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