1. Summarize What are the four conditions of a purely competitive market?

Many consumers and suppliers

Identical products

Informed buyers and sellers

Free market entry and exit

Explanation:

The free market economy is an economic type that strides toward total freedom when it comes to production and consumption. With other words, all of the companies should be able to produce whatever they want and the consumers should be able to buy whatever they want and as much as they want.

In order for the market to become purely competitive there are four main conditions that need to be fulfilled:

These conditions will enable the companies to enter a market by will and to exit it by will without any economic downsides. The perfect competition will result in products of the highest quality but for the lowest possible prices, thus creating a price equilibrium. Both the producers and the consumers should be able to have all of the information at disposal, and there should be many producers and many consumers.

food and resources were plentiful.

women were encouraged to marry later in life so they could work in factories.

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explanation:

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