Question

Which of the following is a characteristic of a perfectly competitive market?

a. significant barriers to entry
b.selling a standardized product
c.a smal number of firms in a market
d. firms can charge any price

Answer 1

A characteristic of a perfectly competitive market is selling a standardized product.

Step-by-step explanation:

A characteristic of a perfectly competitive market is selling a standardized product. In a perfectly competitive market, many firms produce identical products, which means that there is no differentiation between products from different sellers. This allows buyers to easily compare prices and choose the seller offering the best deal.