Group of answer choices
buyers must have easy access to information and prices available
the product must have many sellers and buyers available.
the product being offered by one competing firm must be identical to those offered by other firms
prohibitive barriers to entry in the industry must exist
1 answer
The correct answer is:
prohibitive barriers to entry in the industry must exist
This statement is not a condition necessary for the existence of perfect competition. In fact, one of the key characteristics of perfect competition is that there are low or no barriers to entry, allowing new firms to enter the market freely.
