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Economics
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Which of the following is not characteristic of a perfectly competitive market?
 
a)The product is homogeneous.
b)There is free entry and exit of firms.
c)There are a large number of buyers and sellers.
d)Firms know more about market prices and conditions that consumers do.

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manhokwe tawanda
manhokwe tawandaLv10
1 Oct 2020
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Related questions

Which of the following is not one of the assumptions of a perfectly competitive​ market?

-The product is homogeneous.
-There is free entry and exit of firms.
-There are a large number of buyers and sellers.
-Firms know more about market prices and conditions that consumers do

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.

 

Which of the following statements is true of a perfectly competitive market? 
A) Sellers in the market produce differentiated goods.
B) There is free entry and exit in the market.
C) There are only a few buyers and sellers in the market.
D) Sellers and buyers both set prices to compete in the market.

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