Which of the following is true in a perfectly competitive market?
A)One unit of a good or service cannot be differentiated from any other on any basis.
B)Brand preferences exist but are very slight.
C)Barriers to entry are relatively strong.
D)Information is costly.

Question

Quizplus · Accepted Answer

In a perfectly competitive market, all goods and services are considered identical, meaning that one unit of a good or service cannot be differentiated from any other on any basis. This allows for consumers to easily compare prices and forces firms to compete solely on price.

Which of the Following Is True in a Perfectly Competitive