Which of the following is NOT a characteristic of perfectly competitive markets?
A)Buying the product requires you to hire a lawyer to write a contract.
B)All market participants are price-takers.
C)You are the only buyer of the product.
D)All products are identical.

Question

Quizplus · Accepted Answer

In a perfectly competitive market, there are many buyers and sellers, so you are not the only buyer of the product. The other characteristics of a perfectly competitive market include all market participants being price-takers, identical products, and easy entry and exit into the market. Buying the product requiring a lawyer to write a contract goes against the idea of easy entry and exit, so it is also not a characteristic of perfectly competitive markets.

Which of the Following Is NOT a Characteristic of Perfectly