Which of the following is a defining characteristic of a perfectly competitive market?
A) Persistent economic profits in the long run
B) Higher prices being charged for certain name brands
C) No restrictions on entry into the industry
D) Advertisements by well- known celebrities
Correct Answer:
Verified
Q107: Q108: The market demand for wheat is _ Q109: Consumer surplus _. Q110: Q111: Initially, a perfectly competitive industry that has Q113: A firm's shutdown point is the quantity Q114: Suppose a perfectly competitive market is in Q115: Marginal revenue is equal to Q116: In the long run, perfectly competitive firms Q117: Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
A) equals total revenue minus
A) price divided
