The market you described is best characterized as a perfectly competitive market. In this type of market, individual firms sell a homogeneous product (like strawberries), face no barriers to entry, and have no control over the market price, meaning they are price takers.
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 _____.
oligopoly
perfectly competitive market
monopoly
monopolistically competitive market
1 answer
1 answer