A perfect market is one in which:Group of answer choicesthere are no competitive advantages or asymmetries because all firms have equal access to all the factors to production.one firm develops an advantage based on a factor of production that other firms cannot purchase.one participant in the market has more resources than the others.competition is at a minimum, as each niche market within an industry is served by the company with the greatest competitive advantage.

In perfect competition, the market is _____________________.

A perfectly competitive market involves firms that are price takers. This guarantees:Multiple choice question.consumers receive the lowest prices.producers receive the highest prices.easy entry and exit.a large number of buyers and sellers.

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

Perfect competition has all of the following characteristics EXCEPT _______________.a.well-informed buyers and sellers with respect to prices.b.a large number of buyers and sellers.c.no restrictions on entry into or exit from the industryd.considerable advertising by individual firms

Explain the characteristics of perfect competition firms.