Which statement is NOT characteristic of perfect competition?
A) All firms produce the same standardized product.
B) There are many producers,and each has only a small market share.
C) There are many producers;one firm has a 25% market share,and all of the remaining firms have a market share of less than 2% each.
D) There are no obstacles to entry into or exit from the industry.
Correct Answer:
Verified
Q1: Which statement describes a necessary condition for
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
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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