Which one of the following is not a characteristic of a perfectly competitive market?
A) Firms advertise in order to distinguish their products and increase market share.
B) Firms earn zero economic profit in the long run.
C) Competing products are virtually identical.
D) Firms are price takers.
Correct Answer:
Verified
Q24: A perfectly competitive firm is a:
A) price
Q25: Perfect competition is the term used to
Q26: A firm sells grapefruit in a perfectly
Q27: Which market structure is characterized by many
Q28: Why can't a firm in a perfectly
Q30: Firms in perfectly competitive markets:
A) are price
Q31: A perfectly competitive firm faces a demand
Q32: Marginal revenue is:
A) the additional cost incurred
Q33: Which of the following is a characteristic
Q34: The demand curve facing a perfectly competitive
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