Which of the following is NOT a characteristic of a perfectly competitive industry?
A) There are many firms.
B) There are no restrictions on entry into the market.
C) Each firm produces a slightly differentiated product.
D) Each firm takes price as given, determined by the equilibrium of industry supply and industry demand.
C
Economics
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Which of the following is an example of a consumption expenditure?
A) the purchase of a ticket to a New Orleans Saints game B) the salary paid to the mayor of Denver C) the construction of a new public library D) the purchase of a new fire truck
Economics
Economic profits are maximized at the point at which
A) marginal revenues equal marginal costs. B) accounting profit exceeds economic profit. C) total revenues are greater than total costs. D) accounting profits are equal to zero.
Economics