Pedro goes to the local farmer's market and is just as happy buying corn from the first vendor as he is from the second vendor. This example describes which of the following characteristics of perfect competition?

Question

Quizplus · Accepted Answer

In perfect competition, firms produce and sell identical or homogeneous products, meaning consumers perceive no difference in quality between competing products. This is what is demonstrated in the example of Pedro buying corn from multiple vendors at the farmer's market.

Pedro Goes to the Local Farmer's Market and Is Just