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perfect competition is characterized by a widely recognized brands be fierce quality competition c rivalry in...

perfect competition is characterized by a widely recognized brands be fierce quality competition c rivalry in advertising or deed the inability of anyone firm to influence price

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Answer #1

Answer:
My understanding of this question is, its an MCQ question with multiple option. Reframing question properly:

perfect competition is characterized by :
(a) widely recognized brands
(b) fierce quality competition
(c) rivalry in advertising
(d) the inability of anyone firm to influence price

Correct answer is:
(d) the inability of anyone firm to influence price
Reasons:
A perfectly competitive competition is characterized by the market where there are multiple buyers and sellers and no single buyers have such a huge market share that it can control the price. Hence, option (d) is correct.
Remaining options are not must have traits of perfect competition.

(plz give me a thums up...if my answer helped you and if any suggestion plz comment, Yr thums up boost me)

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