Which characteristic is present in a perfectly competitive market?
A)Firms produce identical or nearly identical products
B)Market price is beyond the control of any individual firm
C)A firm's demand curve is perfectly horizontal at the market price
D)Firms can enter and exit the market very easily
E)all of the above

Question

Quizplus · Accepted Answer

All of the above characteristics are present in a perfectly competitive market. Firms produce identical or nearly identical products, market price is beyond the control of any individual firm, a firm's demand curve is perfectly horizontal at the market price, and firms can enter and exit the market very easily.

Which Characteristic Is Present in a Perfectly Competitive Market