Asked by
michelle antonia
on Oct 27, 2024
Verified
An assumption of the model of perfect competition is:
A) identical goods.
B) difficult entry and exit.
C) few buyers and sellers.
D) cooperation and interdependence between sellers.
Perfect Competition
A market structure characterized by many buyers and sellers, where all firms sell identical products and no single buyer or seller can influence the market price.
Identical Goods
Products that are exactly the same in every aspect, leading consumers to have no preference for one product over another based on characteristics, brand, or quality.
- Comprehend the prerequisites and stipulations essential for ideal competition.
- Elucidate the notion of uniform products as opposed to distinct products within market frameworks.
Verified Answer
MF
Learning Objectives
- Comprehend the prerequisites and stipulations essential for ideal competition.
- Elucidate the notion of uniform products as opposed to distinct products within market frameworks.
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