Which of these is a characteristic of pure competition?
a.
there are many government regulations on business transactions,
b.
there are no substitutes for the goods offered for sale,
c.
there are no barriers to new firms entering the market.
d.
there are many obstacles to consumer knowledge about products,

The correct answer is letter C.

Explanation:  Perfect competition is an ideal market situation where there are a lot of sellers and a lot of buyers. This scenario would favor a natural equilibrium in prices through the relationship between supply and demand.

Also called pure competition, perfect competition is a concept that is not true in the real world, and is more of a theoretical model than a practical one.

pretty sure a is right

every society, in order to meet the needs of it's people, has to answer three basic questions:

- what should we produce?

- how should we produce it?

- for whom should we produce it?

this questions must be answered in order to, option b, aid in production decisions.

every country can't produce everything, no matter how rich their land is. it may be a matter of technology, resources or geographical conditions. so, these three questions must be resolved in order to get the most of the production of each land.

hope this !