Perfectly competitive markets are:
A) the most common type of market in our economy.
B) hard to find in a real-world setting.
C) made up principally by consumer goods.
D) typically found in industrial sectors of our economy.

Question

Quizplus · Accepted Answer

Perfectly competitive markets are characterized by a large number of buyers and sellers, homogenous product, perfect information, and free entry and exit into the market. It is difficult to find these conditions in a real-world setting, making perfectly competitive markets hard to find.

Perfectly Competitive Markets Are