Which of the following is not a characteristic of a purely competitive market?
A)Enough sellers and buyers so that no one of them acting alone can influence the price of this product
B)The ability of a single seller to block potential competitors out of the market
C)Freedom of the price to move up or down,that is,no price fixing
D)Mobility of buyers and sellers
E)A standardized product

Question

Quizplus · Accepted Answer

The ability of a single seller to block potential competitors out of the market is a characteristic of a monopoly, not a purely competitive market. In a competitive market, there are many sellers and buyers, and no single seller can control the market or prevent others from entering it.

Which of the Following Is Not a Characteristic of a Purely