Which of the following is not a characteristic of a perfectly competitive market structure? 1) All firms sell identical products 2) There are a very large numbers of firms that are small compared to the market 3) there are restrictions on exit of firms 4) There are no restrictions to entry by new firms
Added by Jared G.
Step 1
A perfectly competitive market typically has the following features: - All firms sell identical (homogeneous) products. - There are a very large number of firms, each of which is small relative to the market. - There are no restrictions on the entry or exit of Show more…
Show all steps
Your feedback will help us improve your experience
Krishna J and 99 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Haricharan G.
'1. Which of the following is not a type of market structure? a_ Competitive monopoly b. Oligopoly C Perfect competition d. AIl of the above are types of market structures.'
Question 4 Which of the following is NOT a characteristic of a competitive market? Multiple Choice At least one of the producers has significant market power. Externalities do not exist in the market. There is free entry into the market. There are many buyers in the market.
Sanchit J.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Watch the video solution with this free unlock.
EMAIL
PASSWORD