Question

If a Florida strawberry wholesaler operates in a perfectly competitive market, that wholesaler will have a ________ share of the market, and consumers will consider her strawberries to be ________. Therefore, ________ advertising will take place in this market.a] large; standardized (commodity); nob] small; standardized (commodity); little, if anyc] small; differentiated; nod] large; differentiated; extensive

Answer 1

Answer:small; standardized (commodity); little, if any

Step-by-step explanation:

A firm which operates in a perfectly competitive market are characterised by:

1. Many sellers. Therefore sellers have a small market share.

2. Goods are homogenous or standardised.

3. There's little or no need for advertising

4. Firms are price takers. Market price is set by forces of demand and supply.

5. There are no barriers to entry or exit of firms.

6. Firms make zero economic profit in the long run.

I hope my answer helps you.