In a market for milk, it is easy for new businesses to enter the market since there are no barriers to entry. Prices are also determined by supply and demand, so the businesses are not able to set their own price. What type of market structure does the given situation represent?(1 point)
Responses
a monopoly
a monopoly
an oligopoly
an oligopoly
perfectly competitive market
perfectly competitive market
monopolistically competitive mark
1 answer
perfectly competitive market
1 answer