a perfectly competitive market is a market that meets the conditions of\n\na. (1) few buyers and sellers…

a perfectly competitive market is a market that meets the conditions of\n\na. (1) few buyers and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the market.\nb. (1) many buyers and sellers, (2) all firms selling identical products, and (3) significant barriers to new firms entering the market.\nc. (1) many buyers and sellers, (2) all firms selling differentiated products, and (3) no barriers to new firms entering the market.\nd. (1) many buyers and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the market.

a perfectly competitive market is a market that meets the conditions of\n\na. (1) few buyers and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the market.\nb. (1) many buyers and sellers, (2) all firms selling identical products, and (3) significant barriers to new firms entering the market.\nc. (1) many buyers and sellers, (2) all firms selling differentiated products, and (3) no barriers to new firms entering the market.\nd. (1) many buyers and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the market.

Answer

Brief Explanations:

A perfectly - competitive market has many buyers and sellers, homogeneous (identical) products, and free entry (no barriers to new firms entering the market). Option A has few buyers and sellers which is incorrect. Option B has significant barriers to entry which is wrong. Option C has differentiated products which is not in line with perfect competition.

Answer:

D. (1) many buyers and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the market.