In a perfectly competitive market, all producers sell identical goods or services. additionally, there are many buyers and sellers. because of these two characteristics, both buyers and sellers in perfectly competitive markets are pricetakers . true or false: the market for wheat does exhibit the two primary characteristics t

True, The market for wheat does exhibit the two primary characteristics identical good and large number of buyers and seller.

Explanation: Perfectly competitive market is governed by the following characteristics,

a. Identical/homogeneous goods

b. Large number of buyers and sellers

c. Free entry and exit

d. Perfect information

Therefore, the above statement is true that in a perfectly competitive market, all producers sell identical goods or services. Additionally, there are many buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price takers.

The market for wheat does exhibit the two primary characteristics identical good and large number of buyers and seller each has no impact on the price of wheat determined by the market.

The given statement is true.

Further Explanation:  

Perfectly competitive market:

A perfectly competitive market is known as the market where a large number of sellers sell the homogeneous product to a large number of buyers. All the firms sell an identical product thus, the margin earned by the firms is very less. It is considered that the buyer has the perfect information about the product and market.

Price control in a perfectly competitive market:

The number of sellers in the perfectly competitive market is very high, and all the sellers sell identical products. Therefore, they do not have control over the price. In a perfectly competitive market, the price is determined through the demand and supply of goods in the market. The price is determined at the equilibrium price where the demand meets the supply. Thus, the buyer does not have control over the price in a perfectly competitive market. The buyer and seller accept the equilibrium price.

Thus, the given statement is true.  

Learn More:

1. Learn more about the product leadership

2. Learn more about the demand and supply

3. Learn more about the supply

Answer Details:

Grade: Middle school

Chapter: Types of market

Subject: Economics

Keywords: In, perfectly, competitive, market, producers, sell, identical, goods, services, Additionally, many buyers, sellers, Because, two, characteristics, both buyers and sellers in perfectly competitive, markets price-takers.

client registration system, resource management system, clinical management system, patient information database, common use-system interface

explanation:

this conflict is person vs. society

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