Select the correct answer from each drop-down menu. In a perfect competition, there are _1_ buyers and sellers of _2_ products, and there is _3_ entry and exit in the market.

1.

A) Few

B) Fixed

C) Many

D) No

2.

A) differentiated

B) homogeneous

C) inorganic

D) natural

3.

A) free

B) no

C) periodic

D) restricted

1. B) Fixed.

2. B) Homogeneous.

3. A) Free.

Explanation:

In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.

This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.

Hence, a perfectly competitive market is characterized by the following features;

1. Perfect information.

2. No barriers, it is typically free.

3. Equilibrium price and quantity.

4. Many buyers and sellers.

5. Homogeneous products.

Examples of a perfectly competitive market are the Agricultural sector, e-commerce and the foreign exchange market.

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