Perfect competition is characterised by all of the following EXCEPT
A) buyers and sellers are well informed about prices.
B) no restrictions on entry into or exit from the industry.
C) firms produce an identical product.
D) considerable advertising by individual firms.
E) a large number of buyers and sellers.
Correct Answer:
Verified
Q1: A perfectly competitive firm can
A) sell additional
Q2: A market is classified as monopolistically competitive
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Q4: In which market structure do firms exist
Q6: One requirement for an industry to be
Q7: In a perfectly competitive market, the type
Q8: What is the difference between perfect competition
Q9: A firm in perfect competition is a
Q10: We know that a perfectly competitive firm
Q11: The firm's over-riding objective is to
A) avoid
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