Which statement describes a necessary condition for perfect competition?
A) A small number of firms control a large share of the total market.
B) Movement into and out of the market is limited.
C) Firms produce a standardized product.
D) Extensive advertising is used to promote the firm's product.
Correct Answer:
Verified
Q2: The assumptions of perfect competition imply that:
A)individuals
Q3: Which statement is NOT a characteristic of
Q4: If a California avocado stand operates in
Q5: Individuals in a market who must take
Q6: Which statement is NOT characteristic of perfect
Q7: A perfectly competitive firm is a:
A)price taker.
B)price
Q8: The market for breakfast cereal contains hundreds
Q9: One characteristic of a perfectly competitive market
Q10: When a firm cannot affect the market
Q11: The perfectly competitive model does NOT assume:
A)a
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