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Firms are very small relative to the market. Firms have significant price control. Firms produce very similar products. There is a large number of firms. There are significant barriers to entry and exit to the market. Firms have no price control. Firms produce differentiated products. not perfect competition perfect competition

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Answer:

  1. Firms are very small relative to the market. PERFECT COMPETITION
  2. Firms have significant price control. NOT PERFECT COMPETITION - in perfect competition all firms are price takers.
  3. Firms produce very similar products. PERFECT COMPETITION
  4. There is a large number of firms. PERFECT COMPETITION
  5. There are significant barriers to entry and exit to the market. NOT PERFECT COMPETITION - in perfect competition there is free market entry and exit
  6. Firms have no price control. PERFECT COMPETITION
  7. Firms produce differentiated products. NOT PERFECT COMPETITION - in perfect competition firms produce homogeneous products.

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