Answer to Question #226859 in Economics for Bea

Question

• A perfectly competitive firm is described as a market with A. a few buyers, many sellers and the production of differentiated goods.
•  B. many buyers, many sellers and the production of homogenous goods.
•  C. a few firms producing differentiated goods.
•  D. a large number of firms that each individually sets the price of their goods.

Answer 1

A perfectly competitive firm is described as a market with many buyers, many sellers and the production of homogenous goods.

So, the correct answer is B.