Answer:
The correct answer is True.
Explanation:
A perfectly competitive market has the following characteristics:
• There are many buyers and sellers in the
market.
• The goods offered by the different sellers
They are largely identical.
• Companies can freely enter and exit the
market.
As a result of these characteristics, perfectly competitive markets, result in:
• The actions of any buyer or seller
have an insignificant impact on the price of
market.
• Each buyer and seller takes the prices of
Market as dice.
A competitive market has many buyers and sellers trading with identical products so that each buyer and seller is price-accepting.
• Buyers and sellers must accept the price
determined by the market.
