All except one of the following are characteristics of perfect competition.Which is the exception?
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
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q2: Which of the following is a necessary
Q4: The perfectly competitive model assumes all of
Q5: Individuals in a market who must take
Q6: Which of the following is not a
Q7: If a Florida strawberry wholesaler operates in
Q9: One characteristic of a perfectly competitive market
Q12: The market for breakfast cereal contains hundreds
Q13: Price takers are individuals in a market
Q19: Perfect competition is characterized by:
A)rivalry in advertising.
B)fierce
Q20: In a perfectly competitive industry,each firm:
A)is a
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