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