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QUESTION 1 Assume that a market is characterized by firms selling homogeneous goods. What does this characteristic imply about the market? O a. firms in the market are price takers O b. firms in the market will earn zero economic profit O c. firms sell their output at the same price O d. firms in the market will have no ability to affect the market price QUESTION 2 If firms in a market always earn zero economic profit in the long run, then which of the following must be true about this particular market. O'a. firms are price takers b. the market has no barriers to entry and exit c there are many small firms within the market O'd. firms in the market produce homogeneous goods O e. firms in the market have high costs QUESTION 3 Which of the following comes closest to describing a Perfectly Competitive market O's. cereal companies selling many different types of cereal at very similar prices O b. many liquor stores all over the city, with each store setting prices as low as possible O c. an area with many small farmers selling their goods at a price determined by the market O d. two gas stations. each of whom sells similar types of gasoline at exactly the same price O'e. flower market. where there are no barriers to entry and each firm sets its own price