What are the three conditions for a market to be perfectlycompetitive?

For a market to be perfectlycompetitive, there must be

A.

many buyers and oneseller, with the firm producing a product that has no closesubstitutes, and barriers to new firms entering the market.

B.

many buyers andsellers, with all firms selling identicalproducts, and no barriers to new firms entering the market.

Your answer is correct.

C.

many buyers andsellers, with firms selling similar but not identicalproducts, with low barriers to new firms entering the market.

D.

many buyers and a small number of firms thatcompete, selling identical

identical products, and barriers to new firms entering the market.

E.

many buyers andnbsp a few nbsp

afewsellers, with all firms selling identicalproducts, and no

no barriers to new firms entering the market.