Explain the truthfulness of the following statements
I. A characteristic of a perfectly competitive market is that products are undifferentiated. That is, consumers perceive products to be identical.
II. Equal access to resources is a condition in which all firms, including prospective entrants, have access to the same technology and inputs.

Question

Explain the truthfulness of the following statements 
I. A characteristic of a perfectly competitive market is that products are undifferentiated. That is, consumers perceive products to be identical.
II. Equal access to resources is a condition in which all firms, including prospective entrants, have access to the same technology and inputs.

Quizplus · Accepted Answer

In a perfectly competitive market, products are indeed undifferentiated, meaning consumers see them as identical. Additionally, equal access to resources implies that all firms, including new entrants, have the same access to technology and inputs.

Explain the Truthfulness of the Following Statements