Question

Perfect competition is a market in which there are​ _____ firms, each selling​ _____ product; many​ buyers; _____ to the entry of new firms into the​ industry; no advantage to established​ firms; and buyers and sellers​ _____ about prices.

A. few; differentiated; no​ barriers; have no information
B. many; identical; no​ barriers; are well informed
C. many; identical;​ barriers; have no information
D. few; differentiated;​ barriers; are well informed

Answer 1

Answer: many; identical; no barriers ; are well informed.

Explanation:

Perfect competition is a market in which there are​ MANY firms, each selling​ IDENTICAL product; many​ buyers; NO BARRIERS to the entry of new firms into the​ industry; no advantage to established​ firms; and buyers and sellers​ ARE WELL INFORMED about prices.

In a perfect competitive market there are many producers producing same product, giving the buyers a number of variety of options as to which particular product to go for.