Which of the following is a characteristic of perfect competition?
a. Individual firms have the power to set prices.
b. Firms produce differentiated products.
c. New firms can easily enter the market.
d. There are only a few very large firms producing all output in the market.
C
Economics
You might also like to view...
What predictions does purchasing-power parity (PPP) theory make concerning the impact of domestic inflation on the home country's exchange rate? What are the limitations of the purchasing power parity theory?
What will be an ideal response?
Economics
A local restaurant offers an "all you can eat" Sunday brunch for $12. Susan eats four servings but leaves half of a fifth helping uneaten. Why?
What will be an ideal response?
Economics