Which of the following is NOT an assumption of perfect competition?Select one:a.There are no restrictions on entry into the market.b. There are many buyers.c. There are many firms, each selling an identical product.d. The price each firm sets differs from the prices set by the other firms.

Market structure refers to the place where the transaction of goods and services takes place between…

Answered: Which of the following is NOT an…

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter10: The Firm And The Industry Under Perfect Competition

Section: Chapter Questions

Problem 3DQ

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Which of the following is not an assumption of perfect competition? (a) There are no restrictions on entry into the market. (b) There are many firms, each selling an identical product. (c) There are many buyers. (d) The price each firm sets differs from the prices set by the other firms.
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Which of the following is NOT an assumption of perfect competition? Select one: a. There are no restrictions on entry into the market. b. There are many buyers. c. There are many firms, each selling an identical product. d. The price each firm sets differs from the prices set by the other firms.