Question

Perfect competition is characterized by Group of answer choices many buyers and few sellers. many buyers and many sellers. few buyers and many sellers. a few companies that control the market. few buyers and few sellers.

Answer 1

Answer:

Many buyers and many sellers

Explanation:

Perfect competition occurs in a market where we have a large number of buyers and sellers selling the same products with no restriction to information and minimum governmental influence.

Its characteristics include many buyers and sellers , undifferentiated products ,no barrier to entry and exit .

It does not allow excess profit as companies make just adequate profit to say afloat in business.

It is used as a standard for real life market.