Which of the following is a basic characteristic of perfect competition?
A) the obstructed operation of the forces of supply and demand
B) a large number of buyers and sellers
C) significant entry and exit barriers
D) significant use of advertising to promote products
E) only a few businesses selling a particular product
Correct Answer:
Verified
Q2: A business's market power will be greater
Q3: Marginal revenue may be defined as the:
A)change
Q4: A perfectly competitive business's average revenue equals:
A)its
Q5: An industry composed of three firms,each of
Q6: The shape of the demand curve faced
Q7: In which of the following market structures
Q8: An entry barrier that involves illegal pricing
Q9: Entry barriers can be the result of:
A)inelastic
Q10: Which of the following industries most closely
Q11: For a perfectly competitive business,total revenue:
A)is average
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