Perfect Competition

Buyers and sellers act dependently.

• TRUE

• FALSE

Buyers can do comparison and sellers can learn what their competitors are charging.

• TRUE

• FALSE

Buyers and sellers are well-informed about market conditions

• TRUE

• FALSE

There are government regulations in entering market.

• FALSE

• TRUE

Price-makers are market participants that are unable to affect the market price

• FALSE

• TRUE

The buyers are aware of the details of the product sold as well as its price.

• FALSE

• TRUE

They take the price as decided by the forces of demand and supply

• FALSE

• TRUE

Firms sell a unique product.

• FALSE

• TRUE

There is generally a large number of buyers and sellers in perfect competition

• TRUE

• FALSE

All firms are price takers

• TRUE

• FALSE