Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 14 - Part V - Firms in Competitive Markets - Questions for Review - Page 296: 1

Answer

By definition, in a competitive market, there are a large number of buyers and sellers. Also, the goods and services sold by different sellers are very similar. There is a third condition that says that firms have the ability to enter and exit the market whenever they want to.

Work Step by Step

N/A
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.