Which of the following is NOT a characteristic of a perfectly competitive industry? Each firm produces a slightly differentiated product. There are many firms. Each firm takes price as given, determined by the equilibrium of industry supply and industry demand. There are no restrictions on entry into the market.
Which of the following is NOT a characteristic of a perfectly competitive industry? Each firm produces a slightly differentiated product. There are many firms. Each firm takes price as given, determined by the equilibrium of industry supply and industry demand. There are no restrictions on entry into the market.
Chapter9: Perfect Competition
Section9.1: The Theory Of Perfect Competition
Problem 3ST
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Question
Which of the following is NOT a characteristic of a perfectly competitive industry?
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Each firm produces a slightly differentiated product.
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There are many firms.
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Each firm takes price as given, determined by the equilibrium of industry supply and industry demand.
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There are no restrictions on entry into the market.
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