Asked by
kailey garcia
on Nov 30, 2024Verified
Which of the following statements is true?
A) Perfect competition is an unattainable standard that is probably impossible to find.
B) Very few business firms have any control over price in perfect competition.
C) The determination whether two products are identical is done by the sellers.
D) Perfect competitors are price makers.
Perfect Competition
A theoretical market structure characterized by a complete absence of rivalry among the sellers and perfect knowledge among buyers and sellers, with the product being homogeneous.
Price Makers
Entities that have the ability to influence the price of goods and services in the market due to lack of competition or unique product offerings.
Identical Products
Goods that are exactly the same in quality, function, and design, often produced in large quantities.
- Understand the features and impacts of perfect competition on businesses and market performance.
Verified Answer
EP
Learning Objectives
- Understand the features and impacts of perfect competition on businesses and market performance.