44. Consider the following:I. Goods are heterogenous (differentiated).II. Firms are price takers.III. Firms can freely enter or exit the market.Which of the above statement(s) is(are) among the basic assumptions of perfectly competitivemarkets?a) I and IIb) II and IIIc) I and IIId) Only I

Competitive market: - it is a market condition where there are many buyers and many sellers in the…

Answered: 44. Consider the following: I. Goods…

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Monopoly

Section: Chapter Questions

Problem 12SQP

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44. Consider the following: I. Goods are heterogenous (differentiated). II. Firms are price takers. III. Firms can freely enter or exit the market. Which of the above statement(s) is(are) among the basic assumptions of perfectly competitive markets? a) I and II b) II and III c) I and III d) Only I