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Which of the following is not a characteristic of a perfectly competitive market?
 
(i) Each firm is a price taker.
(ii) There are many buyers and sellers in the market.
(iii) The products sold by the firms in the market are homogeneous. 
(iv) It is difficult for a firm to enter or leave the market.

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Beverley Smith
Beverley SmithLv2
17 Feb 2020
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Related questions

Which of the following is NOT a characteristic of a perfectly competitive market?

Select one:

a. It is difficult for a firm to enter or leave the market.

b. Each firm is a price taker.

c. There are many buyers and sellers in the market.

d. The products sold by the firms in the market are homogeneous.

 

Which of the following is not a characteristic of a perfectly competitive market? 

 

(i) the ability of firms to control prices. 

(ii) no barriers to entry and exit of the firms. 

(iii) a large number of buyers and sellers. 

(iv) homogeneous products.

 

What conditions make a market perfectly competitive? A market is perfectly competitive if: 
 
(i) it has many buyers and one firm, which produces a product with no close substitutes, with barriers to new firms entering the market. 
(ii) it has many buyers and many sellers, all of whom are selling differentiated products, with no barriers to new firms entering the market. 
(iii) it has many buyers and a few sellers, all of whom are selling identical products, with no barriers to new firms entering the market. 
(iv) it has many buyers and a few sellers, all of whom are selling differentiated products, with barriers to new firms entering the market. 
(v) it has many buyers and many sellers, all of whom are selling identical products, with no barriers to new firms entering the market.

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