In the market for strawberries, individual firms face no barriers to entry, sell a homogeneous product, and have no control over the market price. This market is best described as a _____.(1 point)

Question

In the market for strawberries, individual firms face no barriers to entry, sell a homogeneous product, and have no control over the market price. This market is best described as a _____.(1 point)

Responses

perfectly competitive market
perfectly competitive market

monopolistically competitive market
monopolistically competitive market

monopoly
monopoly

oligopoly

Answer 1

perfectly competitive market

Answer 2

The market described, where firms face no barriers to entry, sell a homogeneous product, and have no control over the market price, is best described as a perfectly competitive market.