Which of the following statements is NOT characteristic of perfect competition?
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
Q2: The assumptions of perfect competition imply that:
A)individuals
Q8: The market for breakfast cereal contains hundreds
Q9: One characteristic of a perfectly competitive market
Q10: When a firm cannot affect the market
Q13: Price takers are individuals in a market
Q17: In the model of perfect competition:
A)the consumer
Q19: Perfect competition is characterized by:
A)rivalry in advertising.
B)fierce
Q20: In a perfectly competitive industry,each firm:
A)is a
Q21: An assumption of the model of perfect
Q31: In a perfectly competitive industry,the market demand
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