Question

in an ideal market consisting of identical firm there is free entry and exit of firm then​

Answer 1

Answer:

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Answer 2

if an ideal market consisting of identical firm there is free entry and exit of firm then it is perfectly competitive market.

• Usually, any enterprise selling a comparable service or a homogeneous product is always characterized by fully competitive markets.
• Perfectly competitive markets are marked by very low entry and exit costs.  
• In addition, private firms typically have little market power in a perfectly competitive market.
• Accordingly are price-takers, those who voluntarily take the prevailing market price as offered instead of setting their own price.​