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Select all that apply select the items that describe perfect competition Identical products One seller Open entry and exit Price taker

Nicholas Rivera

in Social studies

1 answer

1 answer

Jeffrey Rodriguez on January 20, 2019

A market of perfect competition is defined by the following characteristics:Identical productsOpen of input and output Prices takerA perfect competition, the market is constituted by a large number of sellers and buyers. There is no entry or exit barriers, and this is the reason why the number of competitors is so high. On the other hand, the product that every market is exactly the same. These companies are price-takers because they cannot influence the market price of its product, and that is the demand function and of the desires and incomes of consumers, which defines the market equilibrium (market price and the volume produced and supplied).

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