Which of the following is not a characteristic of a perfectly competitive market?
A)Zero economic profit in the long run.
B)Perfect information.
C)Homogeneous products.
D)High barriers to entry.

Question

Quizplus · Accepted Answer

High barriers to entry are not a characteristic of a perfectly competitive market. In a perfectly competitive market, there are no or low barriers to entry, meaning that new firms can enter and exit the market freely. This ensures that the market remains competitive and that no single firm can control the market price or output.

Which of the Following Is Not a Characteristic of a Perfectly