A market in which there are many buyers and sellers, every firm sells the same standardized product, buyers and sellers have full information about the product and its price, and it is easy for firms to enter and exit the market is known as _____ market.

Question

Quizplus · Accepted Answer

This description matches the characteristics of a perfectly competitive market, where there are many buyers and sellers, products are homogeneous, there is full information, and no barriers to entry or exit.

A Market in Which There Are Many Buyers and Sellers