Which of the following is a feature of a purely competitive market?
A)Price differences exist between firms producing the same product.
B)There are significant barriers to entry into the industry.
C)The industry's demand curve is perfectly elastic.
D)Products are standardized or homogeneous.

Question

Quizplus · Accepted Answer

In a purely competitive market, products are standardized or homogeneous, meaning that consumers see no difference between products from different firms.

Which of the Following Is a Feature of a Purely