mogeneous, there are no barriers to entry and there are a large number of buyers and sellers where no individual buyer or seller can affect prices. They are theoretical because they can't tr

State two examples of barriers to entry to a market. (2 marks

​Perfect competition is characterized by a large number of buyers and sellers with identical products and no significant barriers to entry.Group of answer choicesTrueFalse

Which of the following is NOT true regarding perfectly competitive markets?Group of answer choicesIt is difficult or impossible for a firm to enter and compete in the marketAll firms in the market are price takersHomogenous goods are sold by the firmsThe market contains many buyers and sellers

The lower the buyers’ switching costs, the tougher it is for competitors to attract buyers through pricing and service offerings.Question 16Answera.Trueb.False

Markets fail to allocate resources efficiently whenGroup of answer choicesproperty rights are not well established.demanders and suppliers cannot agree on a price.goods are rival in consumption and excludable.too many buyers and sellers exist in the same market.