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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Managers of profit centers earn more when their divisions
a. increase their sales and decrease their costs a. decrease their sales and increase their costs b. increase the costs of the components for which they are responsible c. none
Economics
What is the opportunity cost of leisure?
a. the relaxation a person gets b. the income given up by not working c. the vacation time taken d. the chance to socialize with friends and family
Economics