Question

8.1 how perfectly competitive firms make output decisions due wednesday by 11:59pm points 100 submitting an external tool current objective understand market structure and the characteristics of a perfectly competitive industry question which of the following are characteristics of a perfectly competitive market? please select two answer choices. select all that apply: firms produce similar, but not identical products there are many buyers and sellers sellers give vague information about products they are producing firms can enter and exit the market with no restrictions

Explanation:

In a perfectly - competitive market, there are numerous buyers and sellers, and firms can freely enter and exit the market. Firms produce identical products, and there is full information about products. So, the characteristics of many buyers and sellers and free entry and exit apply.

Answer:

• there are many buyers and sellers
• firms can enter and exit the market with no restrictions