1.Which of the following is NOT a characteristic of a perfectly competitive market? A. a small number of firms in a market B. a large number of firms in a market C. an individual firm being a price taker D. an individual firm having no control over market price
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- In a perfectly competitive market, there are many firms. - Each firm produces a homogeneous product. - Firms are price takers, meaning they accept the market price as given. - No single firm has control over the market price. - There is free entry and exit in Show more…
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