Which of the following is not a basic characteristic of pure competition?
A)considerable nonprice competition
B)no barriers to the entry or exit of firms
C)a standardized or homogeneous product
D)a large number of buyers and sellers

Question

Quizplus · Accepted Answer

In pure competition, the focus is on price competition rather than nonprice competition due to the homogeneous nature of the products being sold. Nonprice competition is more characteristic of monopolistic competition or oligopoly, where differentiation of products or services allows firms to compete in areas other than price.

Which of the Following Is Not a Basic Characteristic of Pure