Review question: Which of the following describes a perfectly competitive market?

Question: Review question: Which of the following describes a perfectly competitive market?

  • Knowledge is limited.
  • Barriers to entry and exit are non-existent.
  • There are few firms competing in an industry.
  • Products are varied.

Answers: Barriers to entry and exit are non-existent.

Conclusion of Review question: Which of the following describes a perfectly competitive market?

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