Business, 08.07.2021 15:10, lorrainelopez

Consider the markets for three products below. Indicate which characteristics of a competitive market are met by these markets. Market : Gasoline
a. Large number of buyers
b. Standardized good
c. Full information
d. No transaction cost
e. Participants are price takers

Market: barbershop haircuts

a. Large number of buyers
b. Standardized good
c. Full information
d. No transaction cost
e. Participants are price takers

Market: bicycles

a. Large number of buyers
b. Standardized good
c. Full information
d. No transaction cost
e. Participants are price takers

Answers: 3

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Consider the markets for three products below. Indicate which characteristics of a competitive marke...