Question 1 15 pts Mark all that apply For firms in perfect c

Question 1 1.5 pts Mark all that apply. For firms in perfect competition we know: Firms have perfect information. Firms sell a standardized product. Firms are protected by barriers to entry. Firms take prices as given.

Solution

Answer is the folowing applies to perfect Competition:

-Firms have perfect information.

-Firms sells standardized products.

-Firms take prices as given.

The above are all the features of perfect competitions. Moerover, there is no barrier for entry and exit for the firms.