Which of the following is not a characteristic of perfect competition?

The approach economists use to analyze competition among oligopolists is called

A) marginal analysis. B) game theory. C) competition among the few. D) oligopoly theory.

If the firms in an industry could take advantage of a reduced wage, how would one best describe the firms' demand for labor? The MRPL

A) schedule would remain unchanged, and the firms would hire more labor at the lower wage. B) schedule would shift to the left and the firms would move down the new schedule. C) schedule would shift to the right and the firms would move down the new schedule. D) none of the above