Economics??????

Question

The wrong assumption of a perfectly competitive market is

a. Large number of values

b. Free entry and exit

c. Small number of sellers

d. Standardized product

e. None

Answer 1

Small number of sellers

Answer 2

'C' is right answer - for perfectly competitive markets there are infinitely many sellers.

Answer 3

c

But then again, - I don't even know what "Standardized product" means, - it's not a complete sentence.

perfectly competitive market does not REQUIRE "small number of sellers"