In a perfect competition, there are (Few/Mixed/Many/No) buyers and sellers of products, (differentiated/Homogeneous/Inorganic/Natural) and there is (Free/No/Periodic/Restricted) entry and exit in the market.

in a perfect competition, there are many buyers and sellers of products.

The products are homogeneous (often are the exact same thing), and there is Free entry and exist in the market.
Most of the time, in a perfect competition, buyers and sellers will based their activities based on equilibrium point.

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jaquelinefvr jaquelinefvr · Answer 2 · 2022-02-02T13:02:18+01:00

In a situation of perfect competition, there are many buyers and sellers of homogeneous products and there is free entry and exit from the market, as no participating entity has the power to set the price of a product.

Perfect competition

It is an economic condition where there is no presence of market power, which can determine entry and exit rules, and pricing of products and services.

The primary sector of the economy is an example where perfect competition can exist. Let's assume that there is an interest in investing in the production of sugar, which is a natural product, where there is no differentiation and whose resource can be exploited by a variety of producers.

The correct alternatives are:

Many
Homogeneous
Free

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