Which of the following is NOT a characteristic of perfectly competitive markets?
A)Transactions costs are a very small part of the sale.
B)There are three suppliers that form an oligopoly.
C)It is easy to find a trading partner.
D)All products are identical.

Question

Quizplus · Accepted Answer

The presence of an oligopoly, where only a few firms dominate the market and can influence prices, is not a characteristic of perfectly competitive markets. Perfectly competitive markets require a large number of small firms that all sell identical products and have no significant market power to determine prices. The other options, A, C, and D are all characteristics of perfectly competitive markets.

Which of the Following Is NOT a Characteristic of Perfectly