Question

which statements describe characteristics of pure competition? check all that apply. prices are set by supply and demand alone. it is difficult for producers to enter the market. producers provide identical goods to consumers. there are many producers, and each has a small market share. only one producer controls the market. it is a theoretical state that is only approximated in the real world.

Explanation:

In pure - competition:

• Prices are determined by supply and demand.
• Producers can easily enter the market.
• Goods are homogeneous (identical).
• There are numerous producers with small market - shares.
• It is a theoretical concept approximated in real - world.

Answer:

• Prices are set by supply and demand alone.
• Producers provide identical goods to consumers.
• There are many producers, and each has a small market share.
• It is a theoretical state that is only approximated in the real world.