Which of the Following Characteristics Is Required for a Perfectly

question 21

Multiple Choice

Which of the following characteristics is required for a perfectly competitive market?

• A)The goods offered for sale are exactly the same.
• B)There are so many buyers and sellers that no single buyer or seller has any influence over the market price.
• C)It is difficult for new sellers to enter the market.
• D)Both a and b are correct.

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Definitions:

Buying Decisions

The process by which consumers identify their needs, gather information, evaluate alternatives, and make the purchase decision.

Benefits

Advantages or positive outcomes that an individual or organization receives from a product, service, or policy.

Prospective Customer

is an individual or organization potentially interested in purchasing a company's products or services, often targeted in marketing efforts.

Physicality

Physicality refers to the physical presence or aspects of something, often highlighting the tangible, sensory qualities.