Question

Consumers don't care which supplier they buy from in a perfectly competitive market because:________A) the outputs of the firms in a perfectly competitive market are all the same.B) the consumers have no choice regarding who they buy from.C) price is always low enough that the choice of supplier doesn't matter.D) all of the above.

Answer 1

A) the outputs of the firms in a perfectly competitive market are all the same.

Step-by-step explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Consumers don't care which supplier they buy from in a perfectly competitive market because the outputs of the firms in a perfectly competitive market are all the same.

Consumers have a choice from whom to buy from because there are many sellers in the industry.

Market prices are set by the forces of demand and supply.

There are free entry and exit of firms into the industry.

I hope my answer helps you

Answer 2

Answer and Explanation:

A) the outputs of the firms in a perfectly competitive market are all the same.