Markets and competition In a perfectly competitive market, all producers sell (perfectly identical/different) goods or services. Additionally, there are (few,many) buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price (takers,makers)

True or False: The market for lettuce does not exhibit the two primary characteristics that define perfectly competitive markets.

In a perfectly competitive market, all producers sell perfectly identical goods or services. Additionally, there are many buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price takers.

Explanation:

Perfect competition is a theoretical model of economics that describes a form of market in which no consumer or producer has the market power to influence the price of a commodity.  

Because in a fully competitive market, the price of the commodity is the lowest economically viable price (the price of the commodity exactly matches its cost of production) and the commodity is produced in the highest volume. According to traditional economic science, perfect competition leads to the most efficient production systems.

The overall cost of buying a market basket of goods and services by a typical customer.

Explanation:

The question is incomplete, but I figured that the question is trying to find out the correct meaning of CPI with different options provided. The correct question should be:

The CPI is a measure of

the overall cost of goods and services produced in the economy the overall cost of inputs purchased by a typical producer the overall cost of buying a market basket of goods and services by a typical consumer the overall cost of stocks on the New York Stock Exchange

Which option is correct?

CPI or Consumer Price Index evaluates the average prices of a basket of consumer goods and services, for instance, medical care, food, and transportation. It is evaluated by analyzing the changes in and averaging the price of each item in the basket of consumer goods and services.

The CPI is usually used especially to discover situations of inflation of deflation.