Which of the following is a characteristic of a perfectly competitive market? O Many firms have market power because they own patents O The market quantity is equal to the socially efficient quantity There are many buyers but few sellers O Firms can not make positive profits in the short rup

Which of the following is a characteristic of a perfectly competitive market? O Many firms have market power because they own patents O The market quantity is equal to the socially efficient quantity There are many buyers but few sellers O Firms can not make positive profits in the short rup

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter24: Perfect Competition

Section: Chapter Questions

Problem 11E

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Question

Which of the following is a characteristic of a perfectly competitive market?
Many fırms have market power because they own patents
O The market quantity is equal to the socially efficient quantity
O There are many buyers but few sellers
O Firms can not make positive profits in the short rup

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