Question

Please select the word from the list that best fits the definition a market structure in which a large number of firms produce the same product

Answer 1

Perfect competition is a market structure in which a large number of firms produce the same product.

Step-by-step explanation:

Items at a grocery store are an example of perfect competition. onsumers have many options at multiple price points.

Answer 2

perfect competition

Step-by-step explanation:

Perfect competition in a market means that none of the agents can influence the price of the good or service, that is, both sellers and buyers are price-acceptors.

It is a market in which there are a large number of producers of a very homogeneous product or service, where the demand curve is perfectly elastic and the market price (or equilibrium) arises from the interaction between suppliers and applicants.

When we talk about perfect competition we mean an almost ideal and unlikely economic situation in reality, in the real world there is no such simple and ideal economy. However, this model is very useful in the economic study of markets that, in some cases, may come to resemble.