Which of the following is NOT a characteristic of perfect competition?
A) Firms can easily enter or exit the industry.
B) The product is considered a necessity for consumers.
C) There are a large number of buyers and sellers.
D) Buyers and sellers have good information about price and product qualities.
Correct Answer:
Verified
Q4: What is true of market structures considered
Q5: What is a homogeneous product?
A) One which
Q6: A market is considered to act as
Q7: Which of the following is closest to
Q8: Market structure refers to
A) the number, size,
Q10: Referring to the diagram, which of the
Q11: By saying that the perfectly competitive firm
Q12: The demand curve facing the perfectly competitive
Q13: The demand curve facing the perfectly competitive
Q14: For the perfectly competitive firm the selling
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents