Which of the following is NOT a characteristic of a perfectly competitive market? Select one:

Question

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

Select one:

a. It is difficult for a firm to enter or leave the market.

b. Each firm is a price taker.

c. There are many buyers and sellers in the market.

d. The products sold by the firms in the market are homogeneous.

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Sam Professor 2 years 1 Answer 663 views 0

Answer ( 1 )

  1. Superbly Competitive Market:
    A superbly aggressive market is where there are numerous purchasers and numerous indistinguishable merchants. The organizations in a splendidly focused market sell comparative products. In this manner, they are close substitutes. Along these lines, every one of the organizations in this market structure sell their items at a similar market cost. Each firm in this industry faces a flawlessly flexible interest bend. That is, an endeavor by any firm to raise its cost over the market cost will procure the firm zero incomes.
    Answer:
    • The right answer is a. It is hard for a firm to enter or leave the market.

    Best answer

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