In perfect competition,_____ are _____,and _____ are price takers.A) all goods;standardized;all market participantsB) some goods;standardized;consumers but not producersC) all goods;differentiated;producers but not consumersD) some goods;differentiated;consumers but not producers

Question

Tristan Mcmeckan · Accepted Answer

Final Answer : A, Explanation :  In perfect competition, all goods are standardized and all market participants are price takers. This means that all firms in the industry sell identical products and have no control over the market price. As a result, consumers have complete freedom to choose where to buy and producers must accept the market price in order to sell their goods.

In perfect competition,___ are _,and ___ are price takers.

A) all goods;standardized;all market participants
B) some goods;standardized;consumers but not producers
C) all goods;differentiated;producers but not consumers
D) some goods;differentiated;consumers but not producers

Definitions

Learning Objectives

Learning Objectives

Related questions