Select all that apply select the items that describe perfect competition

Identical products

One seller

Open entry and exit

Price taker

Question

Social Studies

Jordan Russell

15 January, 22:07

Select all that apply select the items that describe perfect competition

Identical products

One seller

Open entry and exit

Price taker

+2

Answers (2)

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Gerald Franklin · Answer 1

In perfect competition the following criteria are met:

1) All firms sell identical products. These products are called "homogeneous". 2) All firms are price takers. It means that firms cannot influence the market price.

3) Buyers have complete or "perfect" information.

4) Resources such as labor are perfectly mobile.

5) Firms can enter or exit the market freely.

Coleman Black · Answer 2

The following items describe perfect competition: identical products, open entry and exit, price taker.

Select all that apply select the items that describe perfect competitionIdentical productsOne sellerOpen entry and exitPrice taker

Select all that apply select the items that describe perfect competition

Identical products

One seller

Open entry and exit

Price taker