Question

In a perfect competition, there are __ buyers and sellers of __ products, and there is __ entry and exit the market.

Answer 1

In a perfect competition, there are many buyers and sellers of homogeneous /identical products, and there is no barriers of entry and exit the market.

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Answer 2

In a perfect competition, there are many buyers and sellers of homogeneous /identical products, and there is no barriers of entry and exit the market.

Step-by-step explanation:

The statement provided is a definition by which Perfect Competition is a theoretical market structure that meet the following criteria:

• Firms sell the same product.
• Firms' market share has no influence on prices.
• Buyers have ALL the information they need regarding the product they sell.
• Firms can enter or exit the market without any barrier.
• Mobile resources for achieving their goals.