Perfect competition is characterized by a large number of buyers and sellers with identical products and no significant barriers to entry.

Name: Perfect competition is characterized by a large number of buyers and sellers with identical products and no significant barriers to entry.
Brand: Quizplus
Rating: 4.7 (55 reviews)

Question

Quizplus · Accepted Answer

Perfect competition is indeed characterized by a large number of buyers and sellers offering identical products or services, and no significant entry barriers that can prevent new firms from entering the market.

Perfect Competition Is Characterized by a Large Number of Buyers