Which of the following is not a basic characteristic of pure competition?
A) considerable nonprice competition
B) no barriers to the entry or exit of firms
C) a standardized or homogeneous product
D) a large number of buyers and sellers

Question

Quizplus · Accepted Answer

Pure competition is characterized by a standardized or homogeneous product, no barriers to entry or exit, a large number of buyers and sellers, and little to no nonprice competition. Considerable nonprice competition is a characteristic of monopolistic competition, not pure competition.

Which of the Following Is Not a Basic Characteristic of Pure