Which of the following statements are true of a market place which is considered a 'perfect competition'? Select TWO.

Which of the following statements are true of a market place which is considered a ‘perfect competition’? Select TWO.

Which of the following statements are true of a market place which is considered a ‘perfect competition’? Select TWO.
A . there are no barriers to entry
B. suppliers are selling differentiated products
C. competition is at its highest level possible
D. competition is not strong

Answer: A,C

Explanation:

In a ‘perfect competition’ there are no barriers to entry or exit, and competition is at its highest possible level. For more information on different types of market see p.40