Question

In the market for strawberries, individual firms face no barriers to entry, sell a homogeneous product, and have no control over the market price. This market is best described as a _____.(1 point)
Responses

monopoly
monopoly

oligopoly
oligopoly

perfectly competitive market
perfectly competitive market

monopolistically competitive market

Answer 1

The market for strawberries is best described as a **perfectly competitive market**. In this type of market, individual firms have no control over the market price, there are no barriers to entry, and the products sold are homogeneous.