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11 May, 17:21

Identical products, as well as a large number of buyers and sellers, are characteristics of a monopolistic market. in such markets, sellers of goods cannot influence the prevailing market price, giving them the role of price in the market. true or false: the market for lettuce does not exhibit the two primary characteristics that define perfectly competitive markets.

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  1. 11 May, 18:44
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    False - Firms in a monopolistic competition market do have some level of control on price. However, this control is grossly limited by the close substitution of similar products ... The market for lettuce exhibits the two primary characteristics that define a perfectly competitive market. Firstly, it comprises many buyers and sellers. Secondly, there are no barriers to entry or exit.
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