Which of the Following Characteristics of Competitive Markets Is Necessary

question 417

Multiple Choice

Which of the following characteristics of competitive markets is necessary for firms to be price takers? (i)
There are many sellers.
(ii)
Firms can freely enter or exit the market.
(iii)
Goods offered for sale are largely the same.

• A)(i) and (ii) only
• B)(i) and (iii) only
• C)(ii) only
• D)(i), (ii), and (iii)

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