Under a system characterized by _____ competition,there are many consumers buying a standardized product from numerous small businesses.
A)perfect
B)monopolistic
C)oligopolistic
D)entrepreneurial

Question

Quizplus · Accepted Answer

Perfect competition describes a market structure where a large number of small firms are competing against each other with no single firm having significant market power. In this scenario, the product offered by each business is standardized, meaning it is identical across all suppliers, allowing consumers to purchase from any supplier without preference based on product differentiation.

Under a System Characterized by _____ Competition,there Are Many Consumers