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 |
Note: |
The above multiple-choice question is for all general and Competitive Exams in India. |