1) Markets and competition In a perfectly competitive market, all producers sell___ goods or services. (perfectly identical/different) 2) Additionally, there are_ buyers and sellers.(few,many) 3) Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price ___ .(takers,makers)
4) The market for lettuce does not exhibit the two primary characteristics that define perfectly competitive markets. True / false

Question

19-02-2020
Business

contestada

1) Markets and competition In a perfectly competitive market, all producers sell___ goods or services. (perfectly identical/different) 2) Additionally, there are_ buyers and sellers.(few,many) 3) Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price ___ .(takers,makers)
4) The market for lettuce does not exhibit the two primary characteristics that define perfectly competitive markets. True / false

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henrydesanta henrydesanta · Answer 1 · 2020-02-19T03:56:32+01:00

Answer:

The answers are,

1) Perfectly Identical

2) many

3)takers

4)false

Explanation:

Lettuce is a commodity that can't be differentiated much based on the product. It can be however, differentiated from branding, packaging, etc.

But since the Lettuce is a broad category, we can assume that it is a competitive market.

Perfectly competitive markets do not really exist in the real world and are more of a hypothetical scenario. However, knowing the concept allows businesses and governments to make sound economic decisions regarding production and consumption.