Perfect competition is a market in which there are ___ firms, each selling _ product; many buyers; _ to the entry of new firms into the industry; no advantage to established firms; and buyers and sellers ___ about prices.

A perfect competition is characterised by many buyers and sellers of homogenous goods. Because there are many sellers of homogenous goods, firms are price takers.

Because there are no barriers to entry, in the long run, firms earn zero economic profit.

Because buyers and sellers have perfect knowledge of prices, price arbitrage isn't possible.

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Perfect competition is a market in which there are​ _____ firms, each selling​ _____ product; many​ buyers; _____ to the entry of new firms into the​ industry; no advantage to established​ firms; and buyers and sellers​ _____ about prices.

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Perfect competition is a market in which there are ___ firms, each selling _ product; many buyers; _ to the entry of new firms into the industry; no advantage to established firms; and buyers and sellers ___ about prices.