Asked by
Claudia Garza
on Nov 16, 2024
Verified
The two characteristics of a competitive market are 1) many buyers and sellers in the market and 2) the goods offered by the various sellers are highly differentiated.
Highly Differentiated
Refers to products, services, or markets where there is significant variation in features, quality, or branding, making each distinct from others.
- Comprehend the fundamental concepts of a perfectly competitive market.
- Understand the attributes and ramifications of participation in a perfectly competitive market.
Verified Answer
AB
Learning Objectives
- Comprehend the fundamental concepts of a perfectly competitive market.
- Understand the attributes and ramifications of participation in a perfectly competitive market.
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