1. A perfectly competitive market

A. Makes every seller is a price taker

B. Makes sure every buyer is a price setter

C. ensures that all participants have equal power

D. Makes sure everyone is a price setter

2. Producers in a perfectly competitive market

A. struggle to stay in business

B. Are large and wealthy

C. control market production and prices

D. Are numerous so that no one has a large market share

3. What very important characteristic about perfectly competitive markets ensures that prices will rarely bottom out nor get prohibitively high?

4. What very important characteristic about perfectly competitive markets ensures that the consumers's choice is all about the price and not about the product itself?