1) Markets and competition In a perfectly competitive market, all producers sell goods or services. (perfectly identical/different) 2) Additionally, there are buyers and sellers.(few, many) 3) Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price .(takers, makers)
4) The market for lettuce does not exhibit the two primary characteristics that define perfectly competitive markets. True / false

The answers are,

1) Perfectly Identical

2) many

3)takers

4)false

Explanation:

Lettuce is a commodity that can't be differentiated much based on the product. It can be however, differentiated from branding, packaging, etc.

But since the Lettuce is a broad category, we can assume that it is a competitive market.

Perfectly competitive markets do not really exist in the real world and are more of a hypothetical scenario. However, knowing the concept allows businesses and governments to make sound economic decisions regarding production and consumption.

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