A competitive firm has all of the following characgteristics except:
A) perfect information
B) freedom of entry and exit
C) homogeneous product
D) ability to set price of the product
Correct Answer:
Verified
Q8: Perfect competition has:
A) few sellers
B) many sellers
C)
Q9: Monopolistic competition is a market structure of:
A)
Q10: Numerous sellers means that:
A) the price is
Q11: Market power allows a firm to:
A) increase
Q12: A firm with market power:
A) adjusts the
Q14: When economic profits are negative in the
Q15: A homogeneous product is:
A) golf balls
B) golf
Q16: Oligopoly is characterized by:
A) many firms
B) numerous
Q17: A good example of an oligopoly is:
A)
Q18: A homogeneous product is:
A) homogenized milk
B) one
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