Which of the following is NOT a basic characteristic of perfect competition?
A) Considerable non-price competition
B) No barriers to the entry or exit of firms
C) A standardized or identical product
D) A large number of buyers and sellers
Correct Answer:
Verified
Q151: In the long run under perfect competition
A)most
Q152: Which statement is true?
A)The perfect competitor generally
Q153: Which statement is true?
A)The firm is making
Q154: If a business is losing money in
Q155: For a perfectly competitive firm
A)marginal revenue will
Q157: Q158: If the market price is below the Q159: The perfect competitor's demand curve is
A)perfectly elastic.
B)perfectly
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