Which of the following is not a condition for perfect competition?
A) Firms take prices as given.
B) Firms sell a standardized product.
C) Firms are protected by barriers to entry.
D) Firms have perfect information.
Correct Answer:
Verified
Q12: In general, economists assume that firms
A)maximize accounting
Q13: In the graph below at P*, the
Q14: If the demand curve falls below the
Q15: In the graph below if the price
Q16: If firms are price takers this implies
Q18: If a firm's demand curve falls below
Q19: Joe is self-employed in a store that
Q20: When the perfectly competitive firm maximizes profits
Q21: In a competitive industry, the industry's short-run
Q22: In the long run for a competitive
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