Which of the following is not a characteristic of a perfectly competitive market?
A. a large number of firms in a market
B. selling a standardized product
C. substantial barriers to entry
D. an individual firm having no control over price
Answer: C
Economics
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GDP accounting ignores
A) all non-market forms of production. B) illegal (black market) production. C) economic value added. D) all of the above.
Economics
A market that has no barriers to entry and many small firms selling products that are slightly different from one another is best described as:
A. oligopoly. B. perfect competition. C. monopolistic competition. D. monopoly.
Economics