ECON

chapter 2 Attempts: Score: 2/ 2 1. Markets and competition Identical products, as well as a large number of buyers and sellers, are characteristics of a perfectly competitive market. In such mar kets, sellers of goods cannot influence the prevailing market price, giving them the role of price takers in the market. Points: 1 / 1 Close Explanation Explanation: Perfectly competitive markets have two characteristics: 1. The goods and services bought and sold are all exactly the same. 2. There are la...