Perfect competition is characterized by all of the following EXCEPT a. well-informed buyers and sellers with respect to prices. b. considerable advertising by individual firms. c. no restrictions on entry into or exit from the industry. d. a large number of buyers and sellers.

Perfect competition is characterized by all of the following EXCEPT a. well-informed buyers and sellers with respect to prices. b. considerable advertising by individual firms. c. no restrictions on entry into or exit from the industry. d. a large number of buyers and sellers.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 1.2P

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Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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