Question:

The three primary characteristics of a perfectly competitive market are

A.

the firms\ products are unique, they set their own price and can freely enter and exit the market

B.

the firms\ products are homogenous, the firms are price takers and can freely enter and exit the market

C.

the firms\ products are homogenous, the firms are price takers and there are barriers to entry into the market

D.

the firms\ products are unique, they are price takers and there are no barriers to entry in the market

Answer» b. the firms\ products are homogenous, the firms are price takers and can freely enter and exit the market