Which of the following is not a characteristic of a perfectly competitive market?
A) Sellers set the price of the product.
B) There are many sellers.
C) Buyers must accept the price the market determines.
D) All of the above are characteristics of a perfectly competitive market.
Correct Answer:
Verified
Q24: In competitive markets,buyers
A)are price takers,but sellers are
Q25: For a competitive market,
A)a seller can always
Q26: In competitive markets,
A)firms produce identical products.
B)no individual
Q27: The highest form of competition is called
A)arbitrage.
B)monopolistic
Q28: Assume a market is perfectly competitive.When a
Q30: In a competitive market,each seller has limited
Q31: Buyers and sellers who have no influence
Q32: When all market participants are price takers
Q33: The highest form of competition is called
A)absolute
Q34: The term price takers refers to buyers
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