What is the basic characteristic of a market that is characterized by imperfect competition
A)Firms are price takers.
B)There are generally a large number of firms.
C)There are at least a few firms that compete with one another.
D)The actions of one firm in the market have no impact on the other firms' profits.

Question

Quizplus · Accepted Answer

When a market is characterized by imperfect competition, there are usually a limited number of firms that dominate the market, creating some level of competition between them. This is in contrast to a market with perfect competition where there are a large number of firms and no one firm can have a significant impact on the market price. In an imperfectly competitive market, firms are also not price takers and may have some control over the market price.

What Is the Basic Characteristic of a Market That Is