Which of the following characteristics does NOT describe a perfectly competitive market? Group of answer choices Firms set different prices for their product, either at or above the equilibrium price. Many firms are producing identical products Companies are able to enter and exit the market without any restrictions. There are many people who desire and have the ability to purchase the product.

Which of the following characteristics does NOT describe a perfectly competitive market? Group of answer choices Firms set different prices for their product, either at or above the equilibrium price. Many firms are producing identical products Companies are able to enter and exit the market without any restrictions. There are many people who desire and have the ability to purchase the product.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Perefect Competition

Section: Chapter Questions

Problem 19SQ

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Which of the following characteristics does NOT describe a perfectly competitive market? Question 2 options: There are many people who desire and have the ability to purchase the product. Companies are able to enter and exit the market without any restrictions. Firms set different prices for their product, either at or above the equilibrium price. Many firms are producing identical products
Which of the following is NOT a charactersitic of the model of perfectly competitive market? a) Many sellers produce an identical product. b) Firms can increase their prices by reducing their product. c) Firms have freedome of entry into the market. d) No signs firm can influence the market price.
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In a perfectly competitive market, which of the following statements is true? Options: A. Firms have some control over the price of their product. B. There are significant barriers to entry for new firms. C. Firms are price takers. D. There is limited competition among firms.