Question

• A perfectly competitive firm is described as a market with A. many buyers, many sellers and the production of homogenous goods.
•  B. a few firms producing differentiated goods.
•  C. a large number of firms that each individually sets the price of their goods.
•  D. a few buyers, many sellers and the production of differentiated goods.

Answer 1

A perfectly competitive firm is described as a market with many buyers, many sellers and the production of homogenous goods. Therefore, the correct answer is (A).

Answer:

A. many buyers, many sellers and the production of homogenous goods.