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12 November, 19:16

A perfectly competitive market is one in which:Multiple Choicea. fully informed, price-taking buyers and sellers easily trade a standardized good or service. b. fully informed, price-making buyers and seller easily trade a standardized good or service. c. uninformed, price-taking buyers and sellers easily trade a standardized good or service. d. uninformed, price-making buyers and seller easily trade a standardized good or service.

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  1. 12 November, 20:55
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    A.

    Explanation:

    Characteristics of a Perfectly Competitive Market:

    -Very Large Number of Sellers and Buyers.

    Each firm produces an extremely small percent of total market supply.

    -Identical (Homogeneous) Product.

    The product sold by one firm is identical to that sold by another firm.

    -Easy Entry/Easy Exit.

    Easy to enter this industry because costs are low. Also easy to quit this industry because of the low costs.

    -Perfect Information.

    Buyers and Sellers Have Perfect Information. All the buyers and sellers know all of the relevant information.

    -The Competitive Firm Is A Price Taker.

    The firm must take the market price as given.
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