Market

Buyers and sellers, Goods and services, Price determination

Essential market characteristics include buyers and sellers, availability of goods/services, and price determination. Cash-only transactions and physical meeting places are not essential.

True

Perfect competition requires identical products with similar features, quality, and characteristics. This ensures no seller can charge different prices for the same product.

Single seller, No close substitutes, Price maker

Monopoly features one seller, absence of close substitutes, and price-making power. There are restrictions on entry and no competitors by definition.

True

Product differentiation is the distinguishing characteristic of monopolistic competition. Firms create slight differences in their products through branding, quality, or features.