which of the following is not a characteristic of perfect competition
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Which of the following is not a characteristic of perfect competition?
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Question
Which of the following is not a characteristic of perfect competition?
ALarge number of firms
BPerfect mobility of factors
CInformative advertising to ensure that consumers have good information
DFreedom of entry and exit into and out of the market
Medium Open in App
Which of the following is NOT a characteristic of perfect competition
Which of the following is NOT a characteristic of perfect competition? a) Free entry and exit of the firms b) The demand curve of firm is horizontal c) The marginal revenue curve is horizontal d) An individual firm can influence the price
Examveda
Which of the following is NOT a characteristic of perfect competition?
A. Free entry and exit of the firms
B. The demand curve of firm is horizontal
C. The marginal revenue curve is horizontal
D. An individual firm can influence the price
Answer: Option DSolution(By Examveda Team)
An individual firm can influence the price is not a characteristic of perfect competition. All goods in a perfectly competitive market are considered perfect substitutes, and the demand curve is perfectly elastic for each of the small, individual firms that participate in the market. These firms are price takers–if one firm tries to raise its price, there would be no demand for that firm's product.
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Which of the following is not a characteristic of perfect competition? A. Product differentiation B. Price
Answer to: Which of the following is not a characteristic of perfect competition? A. Product differentiation B. Price-taking behavior C. Freedom...
Invisible hand
Which of the following is not a characteristic of perfect competition? A. Product...
Which of the following is not a characteristic of perfect competition? A. Product... Question:
Which of the following is not a characteristic of perfect competition?
A. Product differentiation
B. Price-taking behavior
C. Freedom of entry or exit for firms
D. A large number of buyers and sellers
Market Structures:
One of the concepts studied in microeconomics is the concept of market structures. There are different types of markets, such as perfect competition, oligopoly, monopoly, and monopolistic competition.
Answer and Explanation:
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The correct answer is: A. Product differentiation
Product differentiation is not a characteristic of perfect competition. Price taking behavior,...
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Learn more about this topic:
Perfect Competition in Economics & Adam Smith's 'Invisible Hand'
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Chapter 7 / Lesson 1
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Perfect competition is perpetuated in regulated economic market systems, as the concept of the 'invisible hand,' devised by Adam Smith, keeps supply and demand lines in check. Learn more about these concepts, the five requirements for a perfectly competitive market, and market equilibrium, seeing applications of each through examples.
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