1. All of the following are true about perfect competition except a. There is free market entry without large capital costs for entry. b. There are many firms participating in the market. c. In the long run, an increase in profit will have no effect on the number of firms in the market. d. Firms are price takers.

1. All of the following are true about perfect competition except a. There is free market entry without large capital costs for entry. b. There are many firms participating in the market. c. In the long run, an increase in profit will have no effect on the number of firms in the market. d. Firms are price takers.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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