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      Question

      Which of the following is a characteristic of a

      ‘perfectly competitive market’?
      A Few sellers Correct Answer Incorrect Answer
      B Homogeneous products Correct Answer Incorrect Answer
      C Barriers to entry Correct Answer Incorrect Answer
      D Price discrimination Correct Answer Incorrect Answer

      Solution

      Solution: In a perfectly competitive market, all firms sell identical or homogeneous products, and there are no barriers to entry, allowing free competition.

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