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Perfect competition market structure is one in which ________.
  • a)
    All firms sell an identical product
  • b)
    All firms sell different product
  • c)
    Only few firms sells the product
  • d)
    Only one firm sells the product
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Perfect competition market structure is one in which ________.a)All fi...
In Perfect competition market structure all the firms sell an identical product.
All the firms are price takers i.e. they cannot influence the market price of the product.
Perfect competition is the opposite of a monopoly, in which only a single firm supplies a good or service and that firm can charge whatever price it wants, since consumers have no alternatives and it is difficult for would-be competitors to enter the marketplace.
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Community Answer
Perfect competition market structure is one in which ________.a)All fi...
In Perfect competition market structure all the firms sell an identical product.
All the firms are price takers i.e. they cannot influence the market price of the product.
Perfect competition is the opposite of a monopoly, in which only a single firm supplies a good or service and that firm can charge whatever price it wants, since consumers have no alternatives and it is difficult for would-be competitors to enter the marketplace.
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Perfect competition market structure is one in which ________.a)All firms sell an identical productb)All firms sell different productc)Only few firms sells the productd)Only one firm sells the productCorrect answer is option 'A'. Can you explain this answer?
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