which statements describe characteristics of pure competition? choose four correct answers. there are many…

which statements describe characteristics of pure competition? choose four correct answers. there are many producers, and each has a small market share. it is a theoretical state that is only approximated in the real world. producers provide identical goods to consumers. prices are set by supply and demand alone. it is difficult for producers to enter the market. only one producer controls the market.

which statements describe characteristics of pure competition? choose four correct answers. there are many producers, and each has a small market share. it is a theoretical state that is only approximated in the real world. producers provide identical goods to consumers. prices are set by supply and demand alone. it is difficult for producers to enter the market. only one producer controls the market.

Answer

Brief Explanations:

In pure - competition: There are numerous producers with small market - shares. It is a theoretical concept approximated in real - world. Producers offer identical goods and prices are determined by supply and demand. Barriers to entry are low and no single producer controls the market.

Answer:

  1. There are many producers, and each has a small market share.
  2. It is a theoretical state that is only approximated in the real world.
  3. Producers provide identical goods to consumers.
  4. Prices are set by supply and demand alone.