Question

Identical products sold by all companies is an example of this market structure.
O an oligopoly
O monopolistic competition
O a monopoly
O perfect competition

Answer 1

Perfect competition is the market structure where identical products are sold by all the companies.

What is perfect competition market?

A perfect competition market is a place with many sellers, who sells homogeneous product in the market. A homogeneous product is a product with similar characteristics and quality.

In this market, there is a free entry and exit of the firms, without any restrictions. The buyers have complete information in this market.  

Perfect competition market is a unique market which consist high degree of risk.

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