________ occurs when there are many buyers and sellers of products that are virtually identical and any seller can easily enter and exit the market.

Question

Quizplus · Accepted Answer

Perfect competition is characterized by many buyers and sellers of products that are virtually identical, meaning that consumers perceive them as interchangeable. Additionally, any seller can easily enter and exit the market due to low barriers to entry. This results in a situation where no single buyer or seller has control over the market, and prices are determined by supply and demand.

________ Occurs When There Are Many Buyers and Sellers of Products