Which of the following is not a characteristic of a perfectly competitive market? a. There is a large number of small firms. b. Firms can easily enter or exit the market. c. Firms are price makers, not price takers. d. Firms sell a homogeneous product.

Which of the following is not a characteristic of a perfectly competitive market? a. There is a large number of small firms. b. Firms can easily enter or exit the market. c. Firms are price makers, not price takers. d. Firms sell a homogeneous product.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter22: Perfect Competition

Section22.4: Topics For Analysis In The Theory Of Perfect Competition

Problem 1ST

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Question

Which of the following is not a characteristic of a perfectly competitive market?

There is a large number of small firms.

Firms can easily enter or exit the market.

Firms are price makers, not price takers.

Firms sell a homogeneous product.

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