Which of these characteristics describes a market operating under perfect competition?
High barriers to entry, homogeneous products, normal profit in the long run
Freedom of entry and exit, differentiated products, supernormal profit in the long run
Freedom of entry and exit, homogeneous products, normal profit in the long run
No barriers to entry, unique products, price-making power
6 exam-style questions on OCR A Level Economics Perfect competition. Each one has a worked solution and a mark scheme showing where the marks go.