What must a market have to be considered a competitive market?

PLEASEEE HELP! What must a market have to be considered a competitive market?

  • What must a market have to be considered a competitive market? no one can seem to answer this question and im really having difficulty understanding it...i suck at economics.

  • Answer:

    Competition. That is multiple people/businesses competing for the same type of business. Example: airport taxi service in Chicago.

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