A) which statements describe characteristics of pure competition? check all that apply. b) prices are set by supply and demand alone. it is difficult for producers to enter the market. c) producers provide identical goods to consumers. d) there are many producers, and each has a small market share. e) only one producer controls the market. f)it is a theoretical state that is only approximated in the real world.
The probable answers would be:
Prices are set by supply and demand alone.
Producers provide identical goods to consumers.
There are many producers, and each has a small market share.
Because in a pure competition many sellers are in the market competition and they sell the same products with the same price. Also buyers and sellers could not influenced the price of the products due to the reason that there are a lot of sellers and buyers and no one could monopolize the selling and there is the government that regulates.
Pure competition describes a market where their is a wide range of competitors selling the same products. Since they are all competing and selling the same products, they are directly competiting with each other all of the time. Pure competition is also known as perfect competition because it makes the market a perfect and pure competition.
The characteristics that describe pure competition are:
– Many sellers involved in the competition and none of them had the power to influence the price.
– Buyers also couldn’t influence the price.
– It is fairly easy to come and compete in the market
– The commodities that offered in the market are similar in type and price.