Question

In a perfectly competitive market, all producers sell ___ goods or services. Additionally, there are ___ buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price ____.

Answer 1

Answer:

✓Identical

✓many

✓takers

Explanation:

perfectly competitive market can regarded as market that is been characterized as one having many buyers as well as sellers, they re also chracterized as one with undifferentiated products as well as no transaction costs with no barriers of entry and exit, there is also a perfect information about the price of a good.

It should be noted that In a perfectly competitive market, all producers sell identical goods or services. Additionally, there are many buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price takers.